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<SEC-DOCUMENT>0000950144-06-009452.txt : 20061012
<SEC-HEADER>0000950144-06-009452.hdr.sgml : 20061012
<ACCEPTANCE-DATETIME>20061012171106
ACCESSION NUMBER:		0000950144-06-009452
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20061012
DATE AS OF CHANGE:		20061012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-137970
		FILM NUMBER:		061142660

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>g03508fv3.htm
<DESCRIPTION>CONSOLIDATED WATER CO. LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>Consolidated Water Co. Ltd.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B><FONT color="#E8112D">As filed with the Securities and
Exchange Commission on October&nbsp;12, 2006</FONT></B>
</DIV>

<DIV align="right" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Registration
No.&nbsp;<FONT style="white-space: nowrap">333-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>UNITED STATES</B>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff;">
<B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>FORM&nbsp;<FONT style="white-space: nowrap">F-3</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Consolidated Water Co. Ltd.</B>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Exact name of registrant as specified in charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.5pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Cayman Islands<BR>
     </B><I>(State or other jurisdiction of<BR>
    incorporation or registration)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>None<BR>
     </B><I>(I.R.S. Employer Identification No.)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Regatta Office Park</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Windward Three, 4th&nbsp;Floor, West Bay Road</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>P.O. Box&nbsp;1114</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Grand Cayman KY1-1102, Cayman Islands</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>(345)&nbsp;945-4277</B>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Address, including zip code, and telephone number,
including</I>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>area code of registrant&#146;s principal executive
offices)</I>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>David W. Sasnett</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>12330 S.W. 53rd&nbsp;Street Suite&nbsp;712</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Fort&nbsp;Lauderdale, Florida 33330</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>(954)&nbsp;427-6283</B>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Name, address, including zip code, and telephone number,
including area</I>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>code, of agent for service)</I>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>With copies to:</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.5pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Leslie J. Croland,&nbsp;Esq.<BR>
    Edwards Angell Palmer&nbsp;&#38; Dodge LLP<BR>
    350 East Las Olas Boulevard<BR>
    Fort&nbsp;Lauderdale, Florida 33301-4215<BR>
    (954) 727-2600</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Justin P. Klein,&nbsp;Esq.<BR>
    Gerald J. Guarcini,&nbsp;Esq.<BR>
    Ballard Spahr Andrews&nbsp;&#38; Ingersoll, LLP<BR>
    1735 Market Street, 51st&nbsp;Floor<BR>
    Philadelphia, Pennsylvania 19103<BR>
    (215) 665-8500</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> As soon as reasonably practicable after the
effective date of this registration statement.
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered
on this Form are being offered pursuant to dividend or interest
reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being
registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities
Act of 1933, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register
additional securities for an offering pursuant to
Rule&nbsp;462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement
number of the earlier effective registration statement for the
same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective
amendment filed pursuant to Rule&nbsp;462(c) under the
Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective
registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement
pursuant to General Instruction&nbsp;I.C. or a post-effective
amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule&nbsp;462(e) under the Securities
Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective
amendment to a registration statement filed pursuant to General
Instruction&nbsp;I.C. filed to register additional securities or
additional classes of securities pursuant to Rule&nbsp;413(b)
under the Securities Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CALCULATION OF REGISTRATION FEE (1)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Proposed maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Proposed maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Title of each class of</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount to be</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>offering price</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>aggregate offering</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount of</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>securities to be registered</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>registered(1)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>per unit(2)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>price</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>registration fee</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ordinary Shares, par value $0.60&nbsp;per share</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    1,725,000</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $26.52</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $45,747,000</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $4,895</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes 225,000 ordinary shares that the underwriters have the
    option to purchase to cover over-allotments, if any.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Estimated solely for the purpose of determining the registration
    fee pursuant to Rule&nbsp;457(c) of the Securities Act on the
    basis of the average of the high and low sales prices of the
    Registrant&#146;s ordinary shares on the NASDAQ Global Select
    Market on October&nbsp;5, 2006.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
<B>The registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective
date until the registrant shall file a further amendment that
specifically states that this registration statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the registration
statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant to said
Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT color="#E8112D">The information in this prospectus is not
complete and may be changed. We may not sell these securities
until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an
offer to sell these securities, and it is not soliciting an
offer to buy these securities in any jurisdiction where the
offer or sale is not permitted. <BR>


</FONT>
</TD></TR></TABLE>



<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<FONT color="#E8112D">SUBJECT TO COMPLETION, DATED
OCTOBER&nbsp;12, 2006.
</FONT>
</DIV>



<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS</B>
</DIV>



<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 36pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>1,500,000 Ordinary Shares</B>
</DIV>


<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 30pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="g03508g0350800.gif" alt="(Consolidated Water Co. Ltd. Logo)">
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 45%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We are offering 1,500,000 ordinary shares, par value
$0.60&nbsp;per share, pursuant to this prospectus.
</DIV>



<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Our ordinary shares are quoted on the NASDAQ Global Select
Market under the symbol &#147;CWCO.&#148; On October&nbsp;10,
2006, the last reported sale price for our ordinary shares was
$26.75 per share.
</DIV>



<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We have granted the underwriters an option, exercisable within
30&nbsp;days after the date of this prospectus, to purchase up
to 225,000 additional ordinary shares upon the same terms and
conditions as the ordinary shares offered by this prospectus to
cover over-allotments, if any.
</DIV>



<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Investing in our ordinary shares involves risk. See
&#147;Risk Factors&#148; beginning on page&nbsp;6 of this
prospectus.</B>
</DIV>


<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 45%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discounts and commissions</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds to Consolidated Water</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Janney Montgomery Scott LLC, on behalf of the underwriters,
expects to deliver the ordinary shares on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>


<DIV align="center" style="font-size: 20.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-variant:SMALL-CAPS">Janney Montgomery Scott
llc</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 20pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 45%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 20pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B> <FONT style="font-variant:SMALL-CAPS">Boenning&nbsp;&#38;
Scattergood, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 14.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT style="font-variant:SMALL-CAPS">Brean Murray,
    Carret&nbsp;&#38; Co.</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 14.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="42%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT style="font-variant:SMALL-CAPS">The Seidler Companies
    Incorporated</FONT></B></TD>
</TR>

</TABLE>


<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TABLE OF CONTENTS</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Prospectus Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Forward-Looking Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Use of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Price History of Our Ordinary Shares and
    Dividends</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Capitalization</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>Dilution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Foreign Exchange Regulations and
    Taxation</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Memorandum and Articles of Association</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Description of Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Offering Expenses</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>Where You Can Find More Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>Incorporation of Certain Documents by
    Reference</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv1w1.htm">EX-1.1 Form of Underwriting Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv4w1.htm">EX-4.1 Amended & Restated Memorandum of Association</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv4w2.htm">EX-4.2 Amended & Restated Articles of Association</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv4w4.htm">EX-4.4 Amendment dated August 8, 2005 to Option Deed</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv4w5.htm">EX-4.5 Amendment dated September 27, 2005 to Option Deed</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv5w1.htm">EX-5.1 Opinion of Myers & Aberga</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv23w1.htm">EX-23.1 Opinion of Rachlin Cohen & Holtz -- Consolidated Water Co. Ltd.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv23w2.htm">EX-23.2 Opinion of Rachlin Cohen & Holtz -- Ocean Conversion (BVI) Ltd.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv23w3.htm">EX-23.3 Consent of KPMG -- Consolidated Water Co. Ltd.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g03508exv23w4.htm">EX-23.4 Consent of KPMG -- Ocean Conversion (BVI) Ltd.</A></FONT></TD></TR>
</TABLE>
</CENTER>


<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">i

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">PROSPECTUS SUMMARY</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>This summary calls your attention to selected information in
this prospectus, but may not contain all the information that is
important to you in deciding whether to invest in our ordinary
shares. Unless otherwise indicated, all the information
contained in this prospectus assumes that the underwriters will
not exercise their over-allotment option. For a more complete
description of this offering, and to understand this offering
more fully, you should read this entire document carefully,
including &#147;Risk Factors&#148; and the information
incorporated herein by reference as set forth under
&#147;Incorporation of Certain Documents by Reference,&#148; as
well as the documents referred to under &#147;Where You Can Find
More Information.&#148;</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Unless otherwise indicated, references to &#147;we,&#148;
&#147;our,&#148; &#147;ours,&#148; and &#147;us&#148; refer to
Consolidated Water Co. Ltd. and its subsidiaries. Unless
otherwise indicated, references to dollar amounts, &#147;$&#148;
or &#147;US$&#148; are to United States dollars. References to
&#147;CI$&#148; are to Cayman Islands dollars. References to
gallons are to United States gallons.</I>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Business</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We develop and operate seawater desalination plants and water
distribution systems in areas where naturally occurring supplies
of potable water are scarce or nonexistent. Through our
subsidiaries and affiliate, we operate 13 reverse osmosis
desalination plants and provide the following services to our
customers in the Cayman Islands, Belize, Barbados, the British
Virgin Islands (or BVI) and The Bahamas:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Retail Water Operations. </I></B>We produce and supply
    water to end-users, including residential, commercial and
    government customers in the Cayman Islands and a resort in The
    Bahamas. In the Cayman Islands, we operate under an exclusive
    retail license issued by the government to provide water in two
    of the most populated and rapidly developing areas in the Cayman
    Islands. In 2005, our retail water operations generated 51% of
    our consolidated revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Bulk Water Operations.</I></B> We produce and supply water
    to government-owned distributors in the Cayman Islands, Belize
    and The Bahamas. In 2005, our bulk water operations generated
    45% of our consolidated revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Service Operations.</I></B> We provide engineering and
    management services for desalination projects, including
    designing and constructing desalination plants and managing and
    operating desalination plants owned by other companies. In 2005,
    our service operations generated 4% of our consolidated revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Affiliate Operations.</I></B> Our affiliate, Ocean
    Conversion (BVI) Ltd. (or OC-BVI), produces and supplies bulk
    water to the British Virgin Islands Water and Sewerage
    Department. We account for our interests in OC-BVI using the
    equity method of accounting and do not consolidate
    <FONT style="white-space: nowrap">OC-BVI&#146;s</FONT> operating
    results in our financial statements.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">1
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table lists the plants under the management of us
or our affiliate by location and production capacity as of
June&nbsp;30, 2006 and December&nbsp;31, 2005:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><B>December&nbsp;31, 2005</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="center" nowrap><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Plants</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Capacity(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Plants</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Capacity(1)</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cayman Islands</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    6</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Cayman Islands</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    6</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5.7</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    The Bahamas(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    3</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    10.0</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    The Bahamas</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    4.3</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    British Virgin Islands(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    British Virgin Islands(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1.7</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Barbados</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Barbados</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1.3</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Belize</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    1<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    0.5<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Belize</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    1<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    0.4<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
    </TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    19.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;&nbsp;Total</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    12</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13.4</td>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Millions of gallons of water per day.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Includes our Blue Hills plant, which we substantially completed
    in July 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Owned and operated by our affiliate, OC-BVI. Does not include
    OC-BVI&#146;s Bar Bay plant, which is currently under
    construction and expected to be completed in the fourth quarter
    of 2006.</TD>
</TR>


</TABLE>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Strategy</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our strategy is to provide water services in areas where the
supply of potable water is scarce and we believe the production
of potable water by reverse osmosis desalination is, or will be,
profitable. We have focused on the Caribbean basin and adjacent
areas as our principal market because these areas tend to have
(i)&nbsp;little or no naturally occurring fresh water;
(ii)&nbsp;limited regulations and taxes allowing for higher
returns; (iii)&nbsp;a large proportion of tourist properties,
which historically have generated higher volume sales than
residential properties; and (iv)&nbsp;growing populations and
tourism levels.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While our business is currently focused primarily within the
Caribbean basin and adjacent areas, we believe that our
potential market includes any location where there is a demand
for, and a limited supply of, potable water. The desalination of
seawater is the most widely used process for producing fresh
water in areas with an insufficient natural supply. In addition,
in many locations, desalination is the only commercially viable
means to expand the existing water supply. We believe that our
experience in the development and operation of reverse osmosis
desalination plants provides us with a competitive advantage to
successfully expand our operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Key elements of our strategy include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Maximizing the benefits of our exclusive retail license on Grand
    Cayman.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Expanding our existing operations in the Cayman Islands, Belize,
    Barbados and The Bahamas.</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Penetrating new markets where there is demand for potable water
    and where we believe production would be profitable.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Broadening our existing and future operations into complementary
    services, such as wastewater management.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Recent Developments</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Tynes Bay, Bermuda Project</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In September 2006, the government of Bermuda accepted our bid to
construct and operate a desalination plant at Tynes Bay,
Bermuda. The Tynes Bay plant will be constructed by our
recently-formed affiliate Consolidated Water (Bermuda) Limited
(or CW-Bermuda). The plant is expected to have an initial
production capacity of approximately 600,000 gallons of water
per day and be expandable to a production capacity of up to
1.2&nbsp;million gallons per day. We expect CW-Bermuda to enter
into a formal contract with the government of Bermuda in the
fourth quarter of 2006.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Fixed Rate Bond Financing</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In August 2006, we raised approximately $15.0&nbsp;million in
net proceeds, after deducting the offering discount and before
related offering expenses, from the private placement of
$15.8&nbsp;million in principal amount of 5.95% secured bonds.
The bonds are repayable in quarterly installments and are
secured by substantially all of our assets. The trust deed
governing the terms of the bonds contains restrictive covenants
with respect to future borrowings and guarantees and capital
expenditures and requires us to comply with certain financial
covenants.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Blue Hills Plant Construction</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July 2006, we substantially completed construction of our
Blue Hills plant on the island of New Providence in The Bahamas,
which is the largest desalination plant we have built or
operated to date. The Blue Hills plant more than doubles our
production capacity in The Bahamas, providing an additional
7.2&nbsp;million gallons of potable water per day. With the
addition of this plant, we now supply a significant portion of
New Providence&#146;s water.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>North Sound Plant Expansion</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July 2006, Water Authority-Cayman, our bulk water customer on
Grand Cayman, accepted our proposal to double the production
capacity of the North Sound desalination plant to
1.6&nbsp;million gallons of water per day. The present operating
contract for this plant, which expires in November 2009, will be
extended by seven years from the date on which we complete the
capacity expansion, which we expect will occur during the first
quarter of 2007.
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Corporate Information</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our registered office is located at Regatta Office Park,
Windward Three, 4th&nbsp;Floor, West Bay Road, Grand Cayman,
Cayman Islands. Our mailing address is P.O. Box&nbsp;1114, Grand
Cayman <FONT style="white-space: nowrap">KY1-1102,</FONT> Cayman
Islands and our telephone number is (345)&nbsp;945-4277. Our
website is located at http://www.cwco.com. Information contained
on our website does not constitute a part of this prospectus.
</DIV>
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The Offering</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="59%"></TD>
</TR>


<TR>
    <TD valign="top">
    Ordinary shares offered by us</TD>
    <TD></TD>
    <TD valign="top">
    1,500,000&nbsp;shares</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Ordinary shares to be outstanding after this offering</TD>
    <TD></TD>
    <TD valign="top">
    14,231,133&nbsp;shares<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    The NASDAQ Global Select Market symbol</TD>
    <TD></TD>
    <TD valign="top">
    CWCO</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Ordinary shares <FONT style="white-space: nowrap">52-week</FONT>
    price range <BR>
     (through October&nbsp;10, 2006)</TD>
    <TD></TD>
    <TD valign="top">
    Low:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.12 <BR>
     High:&nbsp;&nbsp;$31.79</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Current annualized dividend rate</TD>
    <TD></TD>
    <TD valign="top">
    $0.24&nbsp;per share</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="top">
    We estimate that our net proceeds from this offering will be
    approximately $37.5&nbsp;million, or approximately
    $43.2&nbsp;million if the underwriters exercise their over-
    allotment option in full, based on an estimated offering price
    of $26.75 per share. We intend to use approximately
    $10.0&nbsp;million of the net proceeds to repay debt and the
    remaining proceeds for capital expenditures and general
    corporate purposes. We may also use a portion of the remaining
    net proceeds for acquisitions and strategic investments, if
    future opportunities arise.</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Over-allotment option</TD>
    <TD></TD>
    <TD valign="top">
    225,000 ordinary shares</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">
    Risk factors</TD>
    <TD></TD>
    <TD valign="top">
    Investing in our ordinary shares involves risks. See &#147;Risk
    Factors&#148; beginning on page&nbsp;6 to read about certain
    risk factors you should consider before investing in our
    ordinary shares.</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Based on 12,731,133 ordinary shares outstanding as of
    September&nbsp;15, 2006.</TD>
</TR>

</TABLE>

</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Summary Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our summary financial data, which
you should read in conjunction with, and which is qualified in
its entirety by reference to, &#147;Management&#146;s Discussion
and Analysis of Financial Condition and Results of
Operations&#148; and our consolidated financial statements,
including the notes thereto, set forth in our Annual Report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2005 and our Quarterly Reports on
Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
quarters ended March&nbsp;31 and June&nbsp;30, 2006,
incorporated by reference into this prospectus. See
&#147;Incorporation of Certain Documents by Reference.&#148; The
summary financial information set forth below for and as of the
years ended December&nbsp;31, 2005, 2004 and 2003 has been
derived from our audited consolidated financial statements. The
financial data for and as of the six months ended June&nbsp;30,
2006 and 2005 has been derived from our unaudited consolidated
financial statements, which include all adjustments consisting
of normal recurring accruals that we consider necessary for a
fair presentation of our results of operations and our financial
condition for these periods. Our financial data is prepared
pursuant to accounting principles generally accepted in the
United States. Historical results are not necessarily indicative
of future performance. Also,
<FONT style="white-space: nowrap">period-to</FONT>-period
comparisons are significantly affected by our acquisitions. We
acquired OC-Cayman, DesalCo, DesalCo (Barbados) and our interest
in OC-BVI in February 2003. The operating results of CW-Bahamas
were included in our financial statements as of August 2003. The
financial data for the year ended December&nbsp;31, 2004
includes other income of approximately $591,000 related to
insurance proceeds received in connection with Hurricane Ivan.
Historical per share information set forth below has been
retroactively adjusted to reflect our
<FONT style="white-space: nowrap">2-for-1</FONT> stock split on
August&nbsp;25, 2005.
</DIV>



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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.5pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
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    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <B>Statement of Income Data:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    Revenues:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retail water sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,917,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,543,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,372,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,089,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,918,151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bulk water sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,064,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,565,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,724,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,303,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,045,761</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Services revenue</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>887,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>501,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,090,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>888,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,090,293</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total revenues</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,870,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,610,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,187,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,281,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,054,205</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    Gross profit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,182,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,180,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,354,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,609,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,813,757</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    Income from operations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,960,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,246,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,209,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,062,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,038,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    Net income</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,600,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,855,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,514,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,197,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,177,081</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    Basic earnings per ordinary share</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    Diluted earnings per ordinary share</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.41</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.5pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>As of June&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>As of December&nbsp;31,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <B>Balance Sheet Data:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Current assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,609,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,373,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>21,176,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>19,208,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,337,723</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Total assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,627,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>71,679,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,365,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,825,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68,562,126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Long-term debt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,857,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,000,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,378,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,856,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,633,437</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Current portion of long-term debt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,132,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,721,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,472,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,733,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,763,144</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Shareholders&#146; equity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>65,002,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,272,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59,563,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48,371,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,248,527</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">RISK FACTORS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investing in our ordinary shares involves risks. Prior to
making a decision about investing in our ordinary shares, you
should consider carefully the factors discussed below and the
information contained in, or incorporated by reference into,
this prospectus. Each of these risks, as well as other risks and
uncertainties not presently known to us or that we currently
deem immaterial, could adversely affect our business, operating
results, cash flows and financial condition, and cause the value
of our ordinary shares to decline, which may result in the loss
of all or part of your investment.</I>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our exclusive license to provide water to retail customers in
the Cayman Islands may not be renewed in the future.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the Cayman Islands, we provide water to retail customers
under a license originally issued to us in December 1979 by the
Cayman Islands government that grants us the exclusive right to
provide water to retail customers within our licensed service
area. Our service area is comprised of an area on Grand Cayman
that includes the Seven Mile Beach and West Bay areas, two of
the three most populated areas in the Cayman Islands. For the
year ended December&nbsp;31, 2005, we generated approximately
51% of our consolidated revenue from our retail water operations
conducted pursuant to our exclusive license. Our license expires
in July 2010. If we are not in default of any terms of the
license, we have a right of first refusal to renew the license
on terms that are no less favorable than those that the
government offers to any third party. If we are unable to renew
our license or negotiate a new license on satisfactory terms, we
could lose a significant portion of our current revenues and our
results of operations, cash flows and financial condition could
be adversely affected.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We rely on fixed-term water supply and/or service agreements
with our bulk customers in the Cayman Islands, Belize, Barbados
and The Bahamas, which may not be renewed or may be renewed on
terms less favorable to us.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of our bulk water supply agreements are for fixed terms
ranging from seven to 23&nbsp;years and with a range of two to
20&nbsp;years remaining. Upon expiration, these agreements may
not be renewed or may be renewed on less favorable terms. In
addition, certain of these agreements provide for our customers
to acquire or automatically assume ownership of the related
plant upon expiration of the contract term. If this occurs, we
may no longer generate income from such plant. In instances
where we own the plant that produces the water under an
agreement that is not renewed or renewed with lower production
quantities, we may not be able to find a new customer for the
plant&#146;s excess production capacity. If our fixed-term
agreements are not renewed or are renewed on less favorable
terms, our results of operations, cash flows and financial
condition could be adversely affected.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The water supply agreement between the British Virgin Islands
Water and Sewerage Department and our affiliate, Ocean
Conversion (BVI)&nbsp;Ltd. (or OC-BVI), is on a
<FONT style="white-space: nowrap">month-to</FONT>-month basis
and could be cancelled or renegotiated on less favorable
terms.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the expiration of the initial term of their bulk water
supply agreement in May 1999, OC-BVI has supplied water to the
British Virgin Islands Water and Sewerage Department under what
it considers to be a
<FONT style="white-space: nowrap">month-to</FONT>-month supply
arrangement. Under this arrangement, the British Virgin Islands
government could cease purchasing water from OC-BVI at any time.
OC-BVI has made attempts in the past to negotiate a new water
supply agreement, and in August 2006 preliminary discussions
began for the renegotiation of this contract. However, this
agreement may not be renewed and a new agreement may not be
reached. If a new agreement is obtained, it may be on terms less
favorable to OC-BVI than the current arrangement. For the year
ended December&nbsp;31, 2005 and the six months ended
June&nbsp;30, 2006, we recognized approximately
$1.4&nbsp;million and $732,000, respectively, in income from our
equity investment in the earnings of OC-BVI. For those same
periods, we also recognized approximately $680,000 and $667,000,
respectively, in revenue from our agreement to provide
management services to OC-BVI. As of June&nbsp;30, 2006, our
loans to, and equity investment in, OC-BVI equaled approximately
$13.1&nbsp;million and the recorded value of our management
services
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
agreement, which is reflected on our balance sheet as an
intangible asset, was approximately $856,000. In the event that
the British Virgin Islands government ceased purchasing water
from OC-BVI, or entered into a new contract with OC-BVI on less
favorable terms than the existing supply arrangement, the values
of our investment in OC-BVI, loan to OC-BVI and OC-BVI
intangible asset would decline, and we could be required to
record impairment charges to reduce the carrying values of these
assets. Such impairment charges would reduce our earnings and
could have a significant adverse impact on our results of
operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The British Virgin Islands government has asserted a
purported right of ownership of OC-BVI&#146;s Baughers Bay
plant. If this right is found to be enforceable and is exercised
by the government, OC-BVI will lose ownership of the Baughers
Bay plant.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In October 2006, the British Virgin Islands government notified
OC-BVI that it was asserting a purported right of ownership of
OC-BVI&#146;s desalination plant in Baughers Bay, Tortola
pursuant to the terms of a water supply agreement dated May 1990
(or the 1990 Agreement) and invited OC-BVI to submit a proposal
for its continued involvement in the production of water at the
Baughers Bay plant. While OC-BVI believes that the
government&#146;s claim can be resolved to the satisfaction of
both parties through the negotiation of a new agreement, we
cannot assure you that the government shares this belief or that
such a result will occur. For the year ended December&nbsp;31,
2005 and the six months ended June&nbsp;30, 2006, we recognized
approximately $1.4&nbsp;million and $732,000, respectively, in
income from our equity investment in the earnings of OC-BVI. For
those same periods, we also recognized approximately $680,000
and $667,000, respectively, in revenue from our agreement to
provide management services to OC-BVI. As of June&nbsp;30, 2006,
our loans to, and equity investment in, OC-BVI equaled
approximately $13.1&nbsp;million and the recorded value of our
management services agreement, which is reflected on our balance
sheet as an intangible asset, was approximately $856,000. If the
government&#146;s right of ownership under the 1990 Agreement is
found to be enforceable, OC-BVI may be forced to accept a water
supply arrangement with the government on less favorable terms,
and if the government exercises its purported right, OC-BVI
could lose ownership of the Baughers Bay plant. In either case,
the value of our OC-BVI-related assets would decline, and we
could be required to record impairment charges to reduce the
carrying values of these assets. Such impairment charges would
reduce our earnings and could have a significant adverse impact
on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We do not have sole control over our affiliate, OC-BVI. A
divergence of our interests and the interests of OC-BVI&#146;s
other voting shareholder may adversely affect the operations of
OC-BVI and in turn decrease the value of our investment in
OC-BVI.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We own 43.5% of the equity and 50% of the voting shares of
OC-BVI. We and Sage Water Holdings (BVI)&nbsp;Limited (or Sage
Water), which owns the remaining 50% of the voting shares, are
each entitled to appoint three of the six directors of OC-BVI.
If there is a tied vote of the directors on any matter, the
president of the Caribbean Water and Wastewater Association,<B>
</B>a regional trade association comprised primarily of
government representatives, is entitled to appoint a temporary
director to cast the deciding vote. As a result, although we
provide operating management and engineering services to OC-BVI,
we share the overall management of OC-BVI with Sage Water and do
not fully control its operations. A divergence of our interests
and the interests of Sage Water could adversely affect the
operations of OC-BVI and in turn decrease the value of our
investment in OC-BVI, in which case we could be required to
record an impairment charge to reduce the carrying value of our
investment in OC-BVI. Such an impairment charge would reduce our
earnings and have a significant adverse impact on our result of
operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The profitability of our plants is dependent upon our ability
to accurately estimate the costs of their construction and
operation.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The cost estimates prepared in connection with the construction
and operation of our plants are subject to inherent
uncertainties. Additionally, the terms of our supply contracts
may require us to guarantee the price of desalinated water on a
per unit basis, subject to certain annual inflation and
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">7

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
monthly fuel cost adjustments, and to assume the risk that the
costs associated with producing this water may be greater than
anticipated. Because we base our contracted price of water in
part on our estimation of future construction and operating
costs, the profitability of our plants is dependent on our
ability to estimate these costs accurately. The cost of
materials and services and the cost of the delivery of such
services may increase significantly after we submit our bid for
a plant, which could cause the gross margin and net return on
investment for a plant to be less than we anticipated when the
bid was made. The profit margins we initially expect to generate
from a plant could be further reduced if future operating costs
for that plant exceed our estimates of such costs. These future
operating costs could be affected by a variety of factors,
including lower than anticipated production efficiencies and
hydrological conditions at the plant site that differ materially
from those that existed at the time we submitted our bid. Any
construction and operating costs for our plants that
significantly exceed our initial estimates could adversely
affect our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>A significant portion of our consolidated revenues are
derived from two customers. A loss of, or a less favorable
relationship with either of these customers would adversely
affect our results of operations.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our top two bulk water customers accounted for approximately 23%
and 18% of our consolidated revenues for the year ended December
31, 2005 and approximately 20% and 19% of our consolidated
revenues for the six months ended June&nbsp;30, 2006. If either
of these customers terminate or decide not to renew their
contracts with us, or renew such contracts on terms that are
less favorable to us, our results of operations and financial
condition would be adversely affected.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>If OC-BVI does not obtain a customer to purchase water to be
produced at its Bar Bay plant currently under construction, it
may not be able to recover the cost of its investment in the
plant, which could adversely affect its operations and in turn
decrease the value of our investment in OC-BVI.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
OC-BVI is constructing a new desalination plant located on Bar
Bay, Tortola, in the British Virgin Islands. The total cost for
this plant is approximately $7.0&nbsp;million. We have agreed to
provide up to $3.0&nbsp;million in loans for the construction of
this plant, of which $1.6&nbsp;million has been provided as of
June&nbsp;30, 2006. OC-BVI is constructing this plant in
response to what it believes is an extreme shortage of, and a
pressing demand for, potable water on the eastern end of Tortola
and anticipates entering into a bulk water supply agreement with
the British Virgin Islands government. However, OC-BVI does not
presently have any type of agreement or understanding with the
British Virgin Islands government, or any other potential
customer, for the purchase of the water to be produced by its
Bar Bay plant. If such an agreement is not obtained, or is not
obtained on sufficiently favorable terms, OC-BVI may not be able
to recover the cost of its investment in this plant, in which
case we may be required to record an impairment charge to reduce
the carrying value of our loan to OC-BVI and our investment in
OC-BVI. Such an impairment charge would reduce our earnings and
could have a significant adverse impact on our results of
operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our operations are affected by tourism and are subject to
seasonal fluctuations which could affect demand for our water
and impact our revenues and results of operations.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our operations are affected by the levels of tourism and are
subject to seasonal variations in our service areas. Demand for
our water in the Cayman Islands, Belize and Bimini, The Bahamas
is affected by variations in the level of tourism and local
weather, primarily rainfall. Tourism in our service areas is
affected by the economies of the tourists&#146; home countries,
primarily the United States and Europe, terrorist activity and
perceived threats thereof, and increased costs of fuel and
airfares. We normally sell slightly more water during the first
and second quarters, when the number of tourists is
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">8
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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
greater and local rainfall is less, than in the third and fourth
quarters. A downturn in tourism or greater than expected
rainfall in the locations we serve could adversely affect our
revenues and results of operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We may have difficulty accomplishing our growth strategy
within and outside of our current operating areas.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our expansion both within our current operating areas and into
new areas involves significant risks, including, but not limited
to, the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    regulatory risks, including government relations difficulties,
    local regulations and currency controls;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    receiving and maintaining necessary permits, licenses and
    approvals;</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    risks related to operating in foreign countries, including
    political instability, reliance on local economies,
    environmental problems, shortages of materials, immigration
    restrictions and limited skilled labor;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    risks related to development of new operations, including
    inaccurate assessment of the demand for water, engineering
    difficulties and inability to begin operations as
    scheduled;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    risks relating to greater competition in these new territories,
    including the ability of our competitors to gain or retain
    market share by reducing prices.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Even if we successfully expand our operations, we may have
difficulty managing our growth. We cannot assure you that any
new operations within or outside of our current operating areas
will attain or maintain profitability or that the results from
these new operations will not negatively affect our overall
profitability.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Continued production shortfalls under our Windsor supply
contract could result in further rate decreases or cancellation
of the contract.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our supply contract, through our subsidiary, Consolidated Water
(Bahamas) Limited (or CW-Bahamas), with the Water and Sewerage
Corporation of The Bahamas (or the WSC) to supply water from our
Windsor plant located on the island of New Providence in The
Bahamas expires upon the earlier of either (i)&nbsp;March 2013
or (ii)&nbsp;CW-Bahamas&#146;s supply of 13.1&nbsp;billion
gallons of water to the WSC. Since the plant was commissioned in
1996, fouling of its reverse osmosis membrane elements has
occurred several times. From time to time since October 2004, we
have been unable to deliver the minimum water volumes required
under the contract because of mechanical equipment problems and
membrane fouling. As a result, we have been subject to water
rate decreases that decreased revenue by approximately $600,000
and $300,000 in 2005 and 2004, respectively. We have implemented
an extensive program to test and understand the cause of the
membrane fouling and have expanded the production capacity of
the Windsor plant in order to replace the production capacity
that was lost because of membrane fouling. At present, we
believe we have resolved the membrane fouling problem at the
Windsor plant. However, membrane fouling may reoccur at the
Windsor plant, and if we are unable to meet the production
minimums due to this or other operating issues, we could be in
technical default of the Windsor supply contract and subject to
various adverse consequences, including further water rate
decreases or cancellation of the contract by the WSC.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our operations could be harmed by hurricanes or tropical
storms.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A hurricane or tropical storm could cause major damage to our
equipment and properties and the properties of our customers,
including the large tourist properties in our areas of
operation. For example, in September 2004 Hurricane Ivan caused
significant damage to our plants and our customers&#146;
properties, which adversely affected our revenues. Any future
damage could cause us to lose use of our equipment and
properties and incur additional repair costs. Damage to our
customers&#146; properties and the adverse impact on tourism
could result in a decrease in water demand. A hurricane or
tropical storm could also disrupt the delivery of equipment and
supplies, including electricity,
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
necessary to our operations. These and other possible effects of
hurricanes or tropical storms could have an adverse impact on
our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Contamination of our processed water may cause disruption in
our services and adversely affect our revenues.</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our processed water may become contaminated by natural
occurrences and by inadvertent or intentional human
interference, including acts of terrorism. In the event that a
portion of our processed water is contaminated, we may have to
interrupt the supply of water until we are able to install
treatment equipment or substitute the flow of water from an
uncontaminated water production source. In addition, we may
incur significant costs in order to treat a contaminated source
of plant feed water through expansion of our current treatment
facilities, or development of new treatment methods. An
inability by us to substitute processed water from an
uncontaminated water source or to adequately treat the
contaminated plant feed water in a cost-effective manner may
have an adverse effect on our revenues and our results of
operations.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Potential government decisions, actions and regulations could
negatively affect our operations.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are subject to the local regulations of the Cayman Islands,
Belize, Barbados, the British Virgin Islands and The Bahamas,
all of which are subject to change. Any government that
regulates our operations may issue legislation or adopt new
regulations, including but not limited to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restricting foreign ownership of us;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    providing for the expropriation of our assets by the government;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    providing for nationalization of public utilities by the
    government;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    providing for different water quality standards;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    unilaterally changing or renegotiating our licenses and
    agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restricting the transfer of U.S.&nbsp;currency;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    causing currency exchange fluctuations/devaluations or making
    changes in tax laws.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As new laws and regulations are issued, we may be required to
modify our operations and business strategy, which we may be
unable to do in a cost-effective manner. Failure by us to comply
with applicable regulations could result in the loss of our
licenses or authorizations to operate, the assessment of
penalties or fines, or otherwise may have a material adverse
effect on our results of operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The rates we charge our retail customers in the Cayman
Islands are subject to regulation. If we are unable to obtain
government approval of our requests for rate increases, or if
approved rate increases are untimely or inadequate to cover our
projected expenses, our results of operations may be adversely
affected.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under our exclusive retail license in the Cayman Islands, we
must obtain prior approval from the Cayman Islands government to
increase our water supply rates, except for inflation-related
adjustments. However, the expenses we incur in supplying water
under this license may increase due to circumstances that were
unforeseen at the time we entered into the license. We may incur
additional costs in attempting to obtain government approval of
any rate increase, which may be granted on a delayed basis, if
at all. Failure to obtain timely and adequate rate increases
could have an adverse effect on our results of operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We rely on the efforts of key employees. Our failure to
retain these employees could adversely effect our results of
operations.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our success depends upon the abilities of our executive
officers. In particular, the loss of the services of Jeffrey
Parker, our Chairman of the Board, or Fredrick W. McTaggart, our
President and Chief Executive Officer, could be detrimental to
our operations and our continued success.
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
Messrs.&nbsp;Parker and McTaggart have employment agreements
expiring on December&nbsp;31, 2009. Each year, the term of these
agreements may be extended for an additional year. However, we
cannot guarantee that Messrs.&nbsp;Parker or McTaggart will
continue to work for us during the term of their agreements or
will enter into any extensions thereof.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We are exposed to credit risk through our relationships with
several customers and our affiliate.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are subject to credit risk posed by possible defaults in
payment by our bulk water customers in the Cayman Islands,
Belize, Barbados, the British Virgin Islands and The Bahamas and
by possible defaults in payment of loan receivables by OC-BVI
and Water Authority-Cayman. Adverse economic conditions
affecting, or financial difficulties of, those parties could
impair their ability to pay us or cause them to delay payment.
We depend on these parties to pay us on a timely basis. Our
outstanding accounts receivable are not covered by collateral or
credit insurance. Any delay or default in payment could
adversely affect our cash flows, financial condition and results
of operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We are exposed to interest rate risk in several countries.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2006, we had outstanding debt of
$16.6&nbsp;million bearing interest at various floating lending
rates such as LIBOR, Cayman Island&#146;s Prime Rate or The
Bahamas Prime Lending Rate. We currently do not use interest
rate swap contracts or other derivative investments designed to
hedge our exposure to interest rate increases. An increase in
the interest rates of our floating rate loans would cause an
increase in our interest expense and could adversely affect our
results of operations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We are exposed to the risk of variations in currency exchange
rates.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we report our results in United States dollars, the
majority of our revenue is earned in other currencies. All of
the currencies in our operating areas have been fixed to the
United States dollar for over 20&nbsp;years and we do not employ
a hedging strategy against exchange rate risk associated with
our reporting in United States dollars. If any of these fixed
exchange rates becomes a floating exchange rate our results of
operations and financial condition could be adversely affected.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>You will incur immediate and substantial dilution of the book
value of your investment in our ordinary shares.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The per share offering price is substantially more than the per
share book value of our ordinary shares. As a result, purchasers
of ordinary shares in this offering would experience immediate
and substantial dilution of $19.92&nbsp;per ordinary share in
book value from the assumed offering price of $26.75&nbsp;per
ordinary share.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Future sales of our ordinary shares may depress the market
price of our ordinary shares.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we or our existing shareholders sell substantial amounts of
ordinary shares or if it is perceived that such sales could
occur, the market price of our ordinary shares could decline. In
addition, if these sales were to occur, we may find it difficult
to sell equity or equity-related securities in the future at a
time and price that we deem desirable.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We may not pay dividends in the future. If dividends are
paid, they may be in lesser amounts than past dividends.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our shareholders may receive dividends out of legally available
funds if, and when, they are declared by our Board of Directors.
We have paid dividends in the past, but may cease to do so at
any time. Under the agreements governing certain of our
outstanding debt obligations, we may only pay dividends from
&#147;cash flows,&#148; defined under the applicable agreement
as consolidated net income plus non-cash charges less capital
expenditures and scheduled debt repayment, calculated annually
on a fiscal year basis. We may incur increased capital
requirements or additional indebtedness in the future that may
restrict our ability to declare and pay dividends. We may also
be restricted from paying dividends in the future due to
restrictions imposed by applicable corporate laws, our financial
condition and results of operations, covenants contained in our
financing agreements, management&#146;s assessment of future
capital needs and other factors considered by our Board of
Directors. There can be no
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
assurance that we will continue to pay dividends in the future
or, if dividends are paid, that they will be in amounts similar
to past dividends.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We have not identified specific uses for a substantial
portion of the net proceeds from this offering. We have broad
discretion in applying these proceeds and may apply them in less
than optimal ways or in ways with which you may not agree.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than approximately $10.0&nbsp;million that we will use to
repay outstanding debt, we have not identified specific uses for
the net proceeds from this offering. Accordingly, we will have
significant flexibility in determining how to spend these
proceeds. Although we are not currently engaged in any active
discussions with respect to any acquisitions, we may seek to
acquire, invest in or establish joint ventures with respect to
businesses, products, services or technologies that complement
or expand our existing business, and a portion of the net
proceeds may be used for such acquisitions, investments or joint
ventures. See &#147;Use of Proceeds.&#148; If management fails
to use the proceeds effectively, our business and operating
results could suffer.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Service of process and enforcement of legal proceedings
commenced against us in the United States may be difficult to
obtain.</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are incorporated under the laws of the Cayman Islands and a
substantial portion of our assets are located outside of the
United States. In addition, 12 out of 16 of our directors and
officers reside outside the United States. As a result, it may
be difficult for investors to effect service of process within
the United States upon us and such other persons, or to enforce
judgments obtained against such persons in United States courts,
and bring any action, including actions predicated upon the
civil liability provisions of the United States securities laws.
In addition, it may be difficult for investors to enforce, in
original actions brought in courts or jurisdictions located
outside of the United States, rights predicated upon the United
States securities laws.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on the advice of our Cayman Islands legal counsel, Myers
and Alberga, we believe there is no reciprocal statutory
enforcement of foreign judgments between the United States and
the Cayman Islands, and that foreign judgments originating from
the United States are not directly enforceable in the Cayman
Islands. A prevailing party in a United States proceeding
against us or our officers or directors would have to initiate a
new proceeding in the Cayman Islands using the United States
judgment as evidence of the party&#146;s claim. A prevailing
party could rely on the summary judgment procedures available in
the Cayman Islands, subject to available defenses in the Cayman
Islands courts, including, but not limited to, the lack of
competent jurisdiction in the United States courts, lack of due
service of process in the United States proceeding and the
possibility that enforcement or recognition of the United States
judgment would be contrary to the public policy of the Cayman
Islands.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depending on the nature of damages awarded, civil liabilities
under the Securities Act of 1933, as amended (or the Securities
Act), or the Securities Exchange Act of 1934, as amended (or the
Exchange Act), for original actions instituted outside the
Cayman Islands may or may not be enforceable. For example, a
United States judgment awarding remedies unobtainable in any
legal action in the courts of the Cayman Islands, such as treble
damages, would likely not be enforceable under any circumstances.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Low trading volume of our stock may limit your ability to
sell your shares at or above the price you pay for them.</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the six months ended June&nbsp;30, 2006, the average
daily trading volume of our ordinary shares was approximately
74,000 shares, a much lower trading volume than the stock of
many other companies listed on the NASDAQ Global Select Market.
A public trading market having the desired characteristics of
depth, liquidity and orderliness depends on the presence in the
market of willing buyers and sellers of our ordinary shares at
any given time. This presence in turn depends on the individual
decisions of investors and general economic and market
conditions over which we have no control. As a consequence of
the limited volume of trading in our ordinary shares, you may
have difficulty selling a large number of our ordinary shares in
the manner or at the price that might be
</DIV>


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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
attainable if our ordinary shares were more actively traded. In
addition, as a result of our low trading volume, the market
price of our ordinary shares may not accurately reflect their
value.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Competition may threaten the sustainability and growth of our
current operations and impede the expansion of our operations
into new areas.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We face competition in our areas of operation in renewing our
present supply contracts and in our efforts to expand our
current operations within those areas. We also face competition
in attempting to expand our operations to new areas. We often
compete with larger companies, including units of General
Electric Company and Veolia Environnement. Some of our current
and potential competitors have technical and financial resources
and marketing and service organizations that are significantly
greater than ours. Moreover, our competitors may forecast the
course of market developments more accurately and could in the
future develop new technologies that compete with our services.
Additional competitors with significant market presence and
financial resources may enter those markets, thereby further
intensifying competition. These competitors may be able to
reduce our market share by adopting more aggressive pricing
policies than we can adopt or by developing technology and
services that gain wider market acceptance than our technology
and/or services. If we do not compete successfully, we may be
unable to maintain or increase our operations and our results of
operations and financial condition could be adversely affected.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We are subject to anti-takeover measures that may discourage,
delay or prevent changes of control of Consolidated Water.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Classified Board of Directors.</I> We have a classified Board
that consists of three groups of directors. Only one group of
directors is elected each year. Our classified Board may
increase the length of time necessary for an acquiror to change
the composition of a majority of directors in order to gain
control of our Board.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Option Deed.</I> Our Board of Directors has adopted an Option
Deed that is intended to improve the bargaining position of our
Board of Directors in the event of an unsolicited offer to
acquire our outstanding stock. Under the terms of the Option
Deed, a stock purchase right is attached to each of our current
or future outstanding ordinary shares, including each ordinary
share being offered pursuant to this prospectus, issued prior to
the time the purchase rights become exercisable, are redeemed or
expire. The purchase rights will become exercisable only if an
individual or group has acquired, or obtained the right to
acquire, or announced a tender or exchange offer that if
consummated would result in such individual or group acquiring
beneficial ownership of 20% or more of our outstanding ordinary
shares. Upon the occurrence of a triggering event, the rights
will entitle every holder of our ordinary shares, other than the
acquiror, to purchase our shares or shares of our successor on
terms that would likely be economically dilutive to the
acquiror. Under certain circumstances, instead of ordinary
shares, our Board of Directors may issue cash or debt
securities. Our Board of Directors, however, has the power to
amend the Option Deed so that it does not apply to a particular
acquisition proposal or to redeem the rights for a nominal value
before they become exercisable. These features will likely
encourage an acquiror to negotiate with our Board of Directors
before commencing a tender offer or to condition a tender offer
on our Board of Directors taking action to prevent the purchase
rights from becoming exercisable. The Option Deed expires in
July 2007.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of these anti-takeover measures, we could deter
efforts to make changes to, or exercise control over, current
management. In addition, our shareholders may not have an
opportunity to sell their ordinary shares to a potential
acquiror at the acquiror&#146;s offering price, which is
typically at a premium to market price.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Restrictive covenants in our credit facilities and trust
deeds could adversely affect our business by limiting our
flexibility; our failure to comply with these covenants could
cause foreclosure on our assets.</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our credit facilities and the trust deeds governing the terms of
our debt securities contain restrictive covenants. These
covenants and requirements limit our ability, without approval
of the lender
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
or trustee, to take various actions, including incurring
additional debt, making capital expenditures, guaranteeing
indebtedness, engaging in various types of transactions,
including mergers and sales of assets, and paying dividends and
making distributions or other restricted payments. These
covenants could place us at a disadvantage compared to some of
our competitors which may not be required to operate under these
or similar restrictions. Further, these covenants could have an
adverse effect on our business by limiting our ability to take
advantage of financing, acquisition or investment opportunities.
A material breach of any of these covenants would constitute a
default under our credit facilities or trust deeds. In the event
of default, the lender or trustee may accelerate repayment of
our outstanding indebtedness. If we are unable to repay the
amounts accelerated, the lender or trustee has the right to
foreclose on substantially all of our assets, which we have
pledged to secure that indebtedness. Foreclosure upon our assets
would have a significant adverse affect on our results of
operations, financial condition and our ability to continue
operations.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">14

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='103'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">FORWARD-LOOKING STATEMENTS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus and the filings incorporated into this
prospectus by reference contain forward-looking statements. All
statements included or incorporated by reference into this
prospectus or made by our management, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements can generally be identified by our use of words such
as &#147;anticipates,&#148; &#147;believes,&#148;
&#147;continue,&#148; &#147;estimates,&#148;
&#147;expects,&#148; &#147;intends,&#148; &#147;may,&#148;
&#147;opportunity,&#148; &#147;plans,&#148;
&#147;potential,&#148; &#147;predicts&#148; or &#147;will,&#148;
the negative of these words or words of similar meaning.
Similarly, statements that describe our future plans,
strategies, intentions, expectations, objectives, goals or
prospects are also forward-looking statements.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These statements are based on our beliefs and assumptions, which
in turn are based on currently available information. Our
beliefs and assumptions could prove incorrect. Actual results or
outcomes could differ materially from those expressed in any
forward-looking statements made by us or on our behalf as a
result of several factors, including those set forth under the
heading &#147;Risk Factors&#148; beginning on page 6. In
addition, new risks and uncertainties emerge from time to time,
and it is not possible for us to predict which factors will
arise or how they may affect us.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should not place undue reliance on any forward-looking
statements. Any forward-looking statement speaks only as of the
date on which it is made, and we have no duty to, and do not
intend to, update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise, in this prospectus, except as may be required by law.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">15

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">USE OF PROCEEDS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that our net proceeds from the sale of ordinary
shares in this offering will be approximately $37.5&nbsp;million
(or approximately $43.2&nbsp;million if the underwriters
exercise their over-allotment option in full), based on an
estimated public offering price of $26.75&nbsp;per share, which
was the last reported price of our ordinary shares on the NASDAQ
Global Select Market on October&nbsp;10, 2006, after deducting
underwriting discounts and commissions and estimated offering
expenses payable by us.
</DIV>



<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use approximately $10.0&nbsp;million of the net
proceeds from this offering to repay a portion of the
indebtedness outstanding under our term loan with Scotiabank
(Cayman Islands) Ltd., which matures in February 2010. Our term
loan with Scotiabank bears interest at an annual adjusted
floating rate of LIBOR plus 1.5% to 3.0%, depending on the ratio
of our consolidated debt to our consolidated earnings before
interest, taxes and depreciation. As of June&nbsp;30, 2006, the
applicable annual interest rate on the term loan was 6.92%.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the remaining portion of the net proceeds of
this offering to fund capital expenditures and for general
corporate purposes. We may also use a portion of the remaining
net proceeds for acquisitions and/or strategic investments, if
future opportunities arise. Our management will have broad
discretion in the allocation of this remaining portion of the
net proceeds of this offering. The amounts actually expended and
the timing of such expenditures will depend on a number of
factors, including our realization of the different elements of
our growth strategy, the amount of cash generated by our
operations and the availability and attractiveness of potential
acquisitions or strategic investments. Pending these uses, we
intend to invest the remaining portion of the net proceeds of
this offering in short-term, interest-bearing securities.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">16

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">PRICE HISTORY OF OUR ORDINARY SHARES AND DIVIDENDS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PRICE HISTORY OF OUR ORDINARY SHARES AND DIVIDENDS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The tables below set forth the high and low sales prices for our
ordinary shares on the NASDAQ Global Select Market, and prior to
August 2006, on the NASDAQ Global Market (formerly the Nasdaq
National Market). The tables also set forth the dividends paid
per ordinary and redeemable preference share for the periods
indicated. The amounts shown have been adjusted to reflect our
<FONT style="white-space: nowrap">2-for-1</FONT> stock split
effective August&nbsp;25, 2005.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>High</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Low</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dividend</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2001</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$6.000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$3.438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2002</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2300</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2375</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>2004</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10.600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$8.710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.0575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17.435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13.650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.0575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17.695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>2006</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28.900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>19.750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0600</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Month</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    April 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27.750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>22.520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    May 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26.500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30.480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    July 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26.050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    August 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    September 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;10, 2006, the closing sales price of our
ordinary shares on the NASDAQ Global Select Market was
$26.75&nbsp;per share.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">17
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='107'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">CAPITALIZATION</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows our capitalization as of June&nbsp;30,
2006:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on an actual basis;&nbsp;and</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on an &#147;as adjusted&#148; basis giving effect to
    (i)&nbsp;our sale in August 2006 of approximately
    $15.8&nbsp;million of 5.95% secured bonds resulting in our
    receipt of approximately $15.0&nbsp;million in net proceeds of
    which approximately $4.0&nbsp;million was used to repay debt
    outstanding under a short-term line of credit, and (ii)&nbsp;our
    receipt of the estimated $37.5&nbsp;million in net proceeds from
    this offering at an assumed public offering price of
    $26.75&nbsp;per share (the last reported sale price of our
    ordinary shares on October&nbsp;10, 2006) and the application of
    those net proceeds as set forth under &#147;Use of
    Proceeds.&#148;</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This information should be read in conjunction with
Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations and our consolidated financial
statements and related notes set forth in our Quarterly Report
on Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for
the fiscal quarter ended June&nbsp;30, 2006 incorporated by
reference into this prospectus.
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>As of June&nbsp;30, 2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>% of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>% of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capitalization</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capitalization</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shareholders&#146; equity(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>65,002,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>102,509,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,857,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,857,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total capitalization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>82,859,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>125,366,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes (i)&nbsp;ordinary shares and Class&nbsp;B ordinary
    shares, par value $0.60&nbsp;per share: 19,800,000&nbsp;shares
    authorized; 12,388,433 ordinary shares issued and outstanding at
    June&nbsp;30, 2006, actual; and 13,888,433&nbsp;ordinary shares
    issued and outstanding at June&nbsp;30, 2006, as adjusted (there
    were no Class&nbsp;B ordinary shares outstanding at
    June&nbsp;30, 2006, actual or as adjusted); and
    (ii)&nbsp;Redeemable Preference Shares, par value $0.60&nbsp;per
    share: 200,000&nbsp;shares authorized and 27,516&nbsp;shares
    issued and outstanding at June&nbsp;30, 2006, actual and as
    adjusted.</TD>
</TR>


<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    All of our long-term debt is secured.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">18
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='108'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">DILUTION</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DILUTION</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our net tangible book value at June&nbsp;30, 2006 was
$57.4&nbsp;million, or $4.63&nbsp;per ordinary share. Net
tangible book value per share represents the amount of total
tangible assets (excluding goodwill and other intangible assets)
less total liabilities, divided by the number of our ordinary
shares outstanding. After giving effect to the sale of the
1,500,000 ordinary shares offered by us at the assumed public
offering price of $26.75&nbsp;per share (the last reported sale
price of our ordinary shares on October&nbsp;10, 2006) less
estimated offering expenses, including underwriting discounts
and commissions, our pro forma net tangible book value as of
June&nbsp;30, 2006 would have been approximately
$94.9&nbsp;million, or $6.83&nbsp;per share. This represents an
immediate increase in net tangible book value of $2.20&nbsp;per
share to existing shareholders and an immediate dilution in net
tangible book value of $19.92&nbsp;per share to new investors
purchasing our ordinary shares in this offering. The following
table illustrates this dilution:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Assumed public offering price per ordinary share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26.75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net tangible book value per ordinary share as of June&nbsp;30,
    2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase in net tangible book value per ordinary share
    attributable to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value per ordinary share as of
    June&nbsp;30, 2006 after giving effect to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.83</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dilution in net tangible book value per ordinary share to new
    investors in this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19.92</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following tables show a comparison between the effective
cash cost of ordinary shares, including ordinary shares
underlying currently exercisable options, acquired by our
directors and officers during the last five years and the public
offering price of the ordinary shares in this offering:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Acquired</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average Price</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Share</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors in this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>40,125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26.75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Directors and officers</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Assumes the exercise of options to acquire an aggregate
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary
    shares by our directors and officers.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">19
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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='109'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">FOREIGN EXCHANGE REGULATIONS AND TAXATION</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>FOREIGN EXCHANGE REGULATIONS AND TAXATION</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Foreign Exchange Regulations</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not subject to any governmental laws, decrees or
regulations in the Cayman Islands which restrict the export or
import of capital, or that affect the remittance of dividends,
interest or other payments to non-resident holders of our
securities. The Cayman Islands does not impose any limitations
on the right of non-resident owners to hold or vote the ordinary
shares. There are no exchange control restrictions in the Cayman
Islands.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Cayman Islands Taxation</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Cayman Islands presently impose no taxes on our profit,
income, distribution, capital gains or appreciations and no
taxes are currently imposed in the Cayman Islands on profit,
income, capital gains or appreciations of the holders of our
securities or in the nature of estate duty, inheritance or
capital transfer tax. There is now a tax information exchange
agreement which allows under certain conditions the exchange of
tax information between the United States and the Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A major source of revenue to the Cayman Islands government is a
stamp tax of 7.5% or 9.0%, depending on location, on the
transfer of ownership of land in the Cayman Islands. To prevent
stamp tax avoidance by transfer of ownership of the shares of a
company which owns lands in the Cayman Islands (as opposed to
transfer of the land itself), a company which owns land or an
interest in land in the Cayman Islands is taxed based on the
value of its land or interest in land attributable to each share
transferred. Prior to our ordinary shares becoming quoted in the
United States, we paid this tax on private share transfers. We
have never paid the tax on transfers of our publicly-traded
shares. Since 1994, we requested that the Cayman Islands
government exempt us from the share transfer tax. Other local
companies whose businesses are not primarily related to the
ownership of land and whose shares are publicly-traded have
either received an exemption from the tax or have not been
pursued by government for payment of the tax. In April 2003, we
received notice that the Cayman Islands government had granted
an exemption from taxation for all transfer of our shares after
that date. We believe it is unlikely that the government will
seek to collect this tax on transfers of our publicly-traded
shares made during the period from 1994 through April 2003.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>United States Taxation</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary is not intended to constitute a complete analysis
of all tax considerations relevant to an investment in our
ordinary shares. Investors should seek advice from their own
independent tax advisors concerning the United States federal,
state and local, as well as foreign, income and other tax
consequences to them, in light of their particular
circumstances, of acquiring, owning and disposing of our
ordinary shares. This summary assumes that we are not currently
a Passive Foreign Investment Company (or PFIC) nor will we be a
PFIC while you own our ordinary shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion summarizes the material United States
federal income tax considerations that may be relevant to you if
you invest in our ordinary shares and are a
&#147;U.S.&nbsp;Holder.&#148; You will be a U.S.&nbsp;Holder if
you are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an individual that is a citizen or resident of the United
    States, including an alien individual who is a lawful permanent
    resident of the United States or meets the &#147;substantial
    presence&#148; test under Section&nbsp;7701(b) of the Internal
    Revenue Code of 1986, as amended (or the Code);</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a corporation or other entity taxable as a corporation created
    or organized in or under the laws of the United States or a
    political subdivision thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an estate, the income of which is subject to United States
    federal income tax regardless of its source;</TD>
</TR>

</TABLE>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a trust, if a United States court can exercise primary
    supervision over the administration of the trust and one or more
    United States persons can control all substantial trust
    decisions or, if the trust was in existence on
    September&nbsp;20, 1996, and it has elected to continue to be
    treated as a United States person;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any holder whose income or gain in respect to its investment is
    effectively connected with its conduct of a trade or business in
    the United States.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion is a summary of the material United
States federal income tax consequences relevant to the purchase,
ownership and disposition of our ordinary shares, but is not a
complete analysis of all potential tax consequences thereof. The
discussion is based upon the Code, United States Treasury
Regulations issued thereunder, Internal Revenue Service (or IRS)
rulings and pronouncements and judicial decisions now in effect,
all of which are subject to change at any time. Any such changes
may be applied retroactively in a manner that could adversely
affect a holder of our ordinary shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The summary provides only a preview of the consequences to
U.S.&nbsp;Holders that hold our ordinary shares as capital
assets. It does not address considerations that may be relevant
to investors subject to special tax rules, including, but not
limited to, banks, thrifts, real estate investment trusts,
regulated investment companies, insurance companies, dealers in
securities or currencies, traders in securities or commodities
that elect
<FONT style="white-space: nowrap">mark-to</FONT>-market
treatment, persons that hold our ordinary shares as a position
in a &#147;straddle,&#148; conversion transaction or other
integrated transaction, tax-exempt organizations, persons whose
&#147;functional currency&#148; is not the United States dollar,
or persons that hold, directly or constructively, 10.0% or more
of our voting shares. The Code imposes reporting requirements on
U.S.&nbsp;Holders that own, directly or constructively, more
than 5.0% of our ordinary shares. Such U.S.&nbsp;Holders should
contact their independent tax advisors to ensure compliance with
this requirement, and any other reporting obligations imposed by
the Code.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No rulings from the IRS have or will be sought with respect to
the matters discussed below. There can be no assurance that the
IRS will not take a different position concerning the tax
consequences of the purchase, ownership or disposition of our
ordinary shares or that any such position would not be
sustained. If a partnership or other entity taxable as a
partnership holds our ordinary shares, the tax treatment of its
partners will generally depend on the status of the partners and
the activities of the partnership.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon a sale, exchange or other taxable disposition of ordinary
shares, you generally will recognize gain or loss for United
States federal income tax purposes in an amount equal to the
difference between (i)&nbsp;the sum of the amount of cash and
fair market value of any property you receive and (ii)&nbsp;your
adjusted income tax basis in the ordinary shares that you
dispose of. Such gain or loss will generally be long-term
capital gain or loss if you have held the ordinary shares for
more than one year. Through December&nbsp;31, 2010, long-term
capital gains realized by non-corporate taxpayers are generally
taxed at 15.0% or lower rate. Short-term capital gains are
generally taxed at the same rates as ordinary income. Capital
losses realized by a U.S.&nbsp;Holder from the disposition of
capital assets (including our ordinary shares) during any
taxable year are, with minor exceptions, deductible only to the
extent of the capital gains realized in that taxable year or
certain permitted carryover years. Any gain derived by a
U.S.&nbsp;Holder from a taxable disposition of our shares
generally will be treated as U.S.&nbsp;source income to
U.S.&nbsp;Holders.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because our ordinary shares are traded on the NASDAQ Global
Select Market, we are treated as a &#147;qualified foreign
corporation&#148; with respect to dividends paid on our ordinary
shares. Any dividends (i.e. distributions out of current or
accumulated earnings and profits) received by a non-corporate
U.S.&nbsp;Holder are subject to a reduced rate of tax (15% or
less) applicable to &#147;qualified dividends&#148; through
December&nbsp;31, 2010 and will be treated as foreign source
income. Because we are a foreign corporation, dividends received
on our ordinary shares will not be eligible for the dividends
received deduction available to domestic corporations.
Distributions that are not from earnings and profits will
</DIV>


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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
be treated as a return of capital to the extent of (and in
reduction of) a shareholder&#146;s tax basis for the shares; any
excess will be treated as gain from the sale of shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may be subject to backup withholding at a rate of 28% with
respect to dividends paid on ordinary shares or the proceeds of
a sale, exchange or other taxable disposition of ordinary
shares, unless you: (i)&nbsp;are a corporation or come within
another exempt category, and when required, you demonstrate this
fact, or (ii)&nbsp;provide a correct taxpayer identification
number, certify that you are not subject to backup withholding
and otherwise comply with applicable U.S.&nbsp;Treasury
Regulations.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amount withheld under these rules will be creditable against
your U.S.&nbsp;federal income tax liability. You should consult
your tax advisor regarding your qualifications for exemption
from backup withholding and the procedure for obtaining such an
exemption, if applicable, or for obtaining credit for any back
up withholding tax.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<FONT style="white-space: nowrap"><B>Non-U.S.&nbsp;</FONT>Holders</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A
<FONT style="white-space: nowrap">&#147;Non-U.S.&nbsp;</FONT>Holder&#148;
generally is any holder (other than a partnership) who is not a
U.S.&nbsp;Holder. Dividends received on our ordinary shares and
gain recognized from a taxable disposition of our ordinary
shares by a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
generally will not be subject to United States federal income or
withholding taxes, unless (i)&nbsp;such income is effectively
connected with the conduct by such
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder of
a trade or business in the United States; or (ii)&nbsp;in the
case of any gain realized by an individual
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder,
the holder was present in the United States for 183&nbsp;days or
more in the taxable year in which such taxable disposition
occurred.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The above summary is not intended to constitute a complete
analysis of all the United States federal income tax
consequences relating to the ownership of our redeemable shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Prospective investors should consult their own tax advisors
concerning the tax consequences of their particular
situations.</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='110'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">MEMORANDUM AND ARTICLES OF ASSOCIATION</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MEMORANDUM AND ARTICLES OF ASSOCIATION</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registered Office</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been assigned registration number C/0250 by the
registrar of companies in the Cayman Islands. The registered
office is located at Regatta Office Park, Windward Three,
4th&nbsp;Floor, West Bay Road, P.O. Box&nbsp;1114, Grand Cayman
KY1-1102, Cayman Islands. The telephone number at that location
is (345)&nbsp;945-4277.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Object and Purpose</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Paragraphs&nbsp;3 and 4 of our Amended and Restated Memorandum
of Association (or Memorandum of Association) provide that our
object and purpose is to perform all functions permitted under
the Companies Law (2004 Revision). Without limiting
paragraphs&nbsp;3 and&nbsp;4, paragraph&nbsp;5 of the Memorandum
of Association provides that our objects and powers shall
include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To supply water for domestic and all other purposes in the
    Cayman Islands and to construct the necessary works for such
    supply;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To purchase, take on lease, hire or otherwise acquire waterworks
    or the right to supply and work water undertakings;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To fit out, maintain and work with any form of mechanical steam
    or electric or other power the necessary works for the supply of
    water including the construction and fitting out of pumping
    stations, reservoirs, desalinators, reverse osmosis equipment,
    pipe lines and all other works necessary or reasonably required
    for the supply of water for the purposes aforesaid;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To acquire, manufacture, repair and maintain all machines,
    machinery pipes, utensils, apparatus and materials required for
    the supply aforesaid;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To make from time to time such applications to the Cayman
    Islands government or other authority as may be thought
    necessary or desirable for powers to construct maintain and work
    our business or to acquire or lease land, buildings, easements,
    water rights, water and other works and any extensions thereof
    and to execute any works in connection therewith;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To purchase, take upon, lease or otherwise acquire or build upon
    or improve any lands or building or any estates or interest
    therein and any licenses, rights, easements or privileges which
    may be considered necessary or expedient for the purposes of our
    business and to do any such things notwithstanding that in any
    case, the whole of the land may not be required for such
    purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To manufacture, buy, sell, let upon hire, with or without an
    option of purchase, all pipes, taps, valve engines, tools,
    machines and other chattels and things used or which may at any
    time hereafter be used in the establishment, maintenance,
    equipping or working of the aforesaid;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To sell, grant, let, exchange or otherwise dispose of absolutely
    or conditionally or for any limited estate or interest, all or
    any part or section of, the undertaking worked by us or any of
    them or any or any part of the property or properties, rights or
    powers thereof or any licenses, rights or privileges in over or
    in relation to any such property or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To purchase or otherwise acquire any lands and buildings, and to
    utilize the same for the treatment, re-use and disposal of
    sewage, and to construct, erect and lay down any buildings,
    engines, pumps, sewers, tanks, drains, culverts, channels,
    sewage or other works or things that may be necessary or
    convenient for any of our objects;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To manufacture, purchase, sell, deal in or otherwise dispose of
    chemical vegetable and other manures and other substances,
    materials and things that may be conveniently dealt with in
    connection with sewage works;&nbsp;and</TD>
</TR>

</TABLE>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    To engage in or carry on any other lawful trade, business or
    enterprise which may at any time appear to our directors capable
    of being conveniently carried on in conjunction with any of the
    aforementioned businesses or activities or which may appear to
    our directors likely to be profitable to us.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Directors</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;26.05 of our Amended and Restated Articles of
Association (or Articles of Association) provides that a
director may vote in respect of any contract, arrangement or
other matter notwithstanding such director&#146;s interest
provided that the nature of his or her interest shall have been
disclosed to the directors prior to the resolution.
Article&nbsp;25.01 provides that remuneration of the directors
shall be in such amount or at such rate as the directors may
from time determine. Article&nbsp;30.01 provides that the
directors may exercise all our powers that are not required by
the Companies Law of the Articles of Association to be exercised
by our shareholders. In particular, Article&nbsp;30.03 provides
that the directors may exercise all our powers to borrow money
and to mortgage or charge its undertaking, property and uncalled
capital or any part thereof by way of fixed charge, floating
charge or other form of encumbrance, and to issue debentures,
debenture stock and other securities whether outright or as
security for any debt, liability or obligation of ours or any
third party. Article&nbsp;24.02 provides that our directors are
not required to own our shares in order to act as our directors
unless prescribed by special resolution. See&nbsp;&#151;
&#147;Certain Provisions of the Articles of Association Having
the Effect of Delaying, Deferring or Preventing a Change in
Control.&#148;
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Rights of Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;4.02 of our Articles of Association provides that
unless otherwise provided in the terms of issue of a class of
stock, the rights attached to any class of shares may not be
changed unless approved by the holders of such class of shares
by special resolution.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Annual General Meetings; Extraordinary General Meetings</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Article&nbsp;16 and Article&nbsp;18, of our Articles of
Association, we shall hold an annual general meeting on a date
determined by our Board of Directors upon at least five days
notice unless all of the shareholders waive the notice
requirements. Article&nbsp;17.01 of our Articles of Association
provides that an extraordinary general meeting may be called by
our Board of Directors or by the directors upon the request of
the holders of 51% of shares that have the right to vote at a
general meeting. If the directors do not call an extraordinary
general meeting within 21&nbsp;days of such request, the
shareholders requesting such meeting may call an extraordinary
general meeting so long as the meeting takes place within
90&nbsp;days of the original request by the shareholders. Under
Article&nbsp;18.01, five days notice must be given prior to an
extraordinary general meeting unless at least 75% of the
shareholders entitled to vote at the meeting agree to call the
meeting on shorter notice (but not shorter than two days).
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Certain Provisions of the Articles of Association Having the
Effect of Delaying, Deferring or Preventing a Change in
Control</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our Articles of Association provide for our Board of Directors
to be divided into three groups of directors serving staggered
three-year terms. As a result, approximately one-third of the
Board of Directors will be elected each year. A director may be
removed prior to expiration of his or her term by a special
resolution of the shareholders. Our Articles of Association
define &#147;special resolution&#148; as a resolution passed at
a shareholder meeting of which notice specifying the intention
to propose the resolution as a special resolution has been duly
given by a majority of three-quarters of the votes cast, or a
resolution passed as such without a shareholder meeting by a
unanimous vote of all shareholders of record. Vacancies on the
Board of Directors may be filled either by the directors or the
shareholders. Our classified Board of Directors could have the
effect of increasing the length of time necessary to change the
composition of a majority of the Board of Directors.
</DIV>

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<A name='111'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">DESCRIPTION OF SECURITIES</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DESCRIPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under our Memorandum of Association and Articles of Association
we are authorized to issue 20,000,000&nbsp;shares of capital
stock, consisting of 19,655,000 ordinary shares, par value
CI$0.50 (approximately US$0.60) per share, 145,000 Class&nbsp;B
ordinary shares, par value CI$0.50 (approximately US$0.60) per
share and 200,000 redeemable preference shares, par value
CI$0.50 (approximately US$0.60) per share. The following is a
summary of the material terms and provisions of our capital
stock and is qualified in its entirety by the provisions of our
Memorandum of Association and Articles of Association. For the
complete terms of our capital stock, please refer to our
Memorandum of Association and Articles of Association, which are
exhibits to this Registration Statement. As of
September&nbsp;15, 2006, there were 12,731,133 ordinary shares
outstanding, 24,971 redeemable preference shares outstanding,
and no Class&nbsp;B ordinary shares outstanding.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Ordinary Shares</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of ordinary shares may cast one vote for each share held
of record at all shareholder meetings. All voting is
non-cumulative. Holders of more than 50% of the outstanding
shares present and voting at an annual meeting at which a quorum
is present are able to elect all of our directors. Holders of
ordinary shares do not have preemptive rights or rights to
convert their ordinary shares into any other securities. All of
the outstanding ordinary shares are fully paid and
non-assessable.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of ordinary shares are entitled to receive ratably
dividends, if any, distributed out of our accumulated profits.
Subject to the preferential rights of holders of the redeemable
preference shares, upon liquidation, all holders of ordinary
shares are entitled to participate pro rata in our assets which
are available for distribution.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Redeemable Preference Shares</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of redeemable preference shares may cast one vote for
each share held of record at all shareholder meetings. All
voting is on a non-cumulative basis. Upon the event of our
liquidation, the redeemable preference shares rank in preference
to the ordinary shares with respect to the repayment of the par
value of redeemable preference shares plus any premium paid or
credited on the purchase of the shares. Under our employee share
incentive plan, we may redeem any redeemable preference shares
issued to an employee under certain circumstances. The ordinary
shares and the redeemable preference shares rank equally in all
other respects.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;B Ordinary Shares</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of Class&nbsp;B ordinary shares are entitled to the same
dividends paid on ordinary shares and redeemable preference
shares, and we cannot pay a dividend on the ordinary shares
without paying the same dividend on the Class&nbsp;B ordinary
shares, and vice versa. We cannot redeem the Class&nbsp;B
ordinary shares, and the holders of the Class&nbsp;B ordinary
shares are not entitled to any repayments of capital upon our
dissolution.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we enter into a transaction in which ordinary shares are
exchanged for securities or other consideration of another
company, then the Class&nbsp;B ordinary shares will also be
exchanged pursuant to a formula. The Class&nbsp;B ordinary
shares and the ordinary shares rank equally in all other
respects.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Option Deed</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1997, our Board of Directors approved our adoption of an
option deed, which is similar to a &#147;poison pill.&#148; We
entered into an option deed, as amended, with American Stock
Transfer&nbsp;&#38; Trust Company, as option agent, granting to
each holder of an ordinary and redeemable preference share an
option to purchase one one-hundredth of a Class&nbsp;B ordinary
share at an exercise price of $50.00, subject to adjustment. If
a takeover attempt occurs, each shareholder would be able to
exercise the
</DIV>

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<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
option and receive ordinary shares with a value equal to twice
the exercise price of the option. Under circumstances described
in the option deed, instead of receiving ordinary shares, we may
issue to each shareholder cash or other equity or debt
securities of us, or the equity securities of the acquiring
company, as the case may be, with a value equal to twice the
exercise price of the option.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Takeover events that would trigger the options include a person
or group becoming the owner of 20% or more of our outstanding
ordinary shares or the commencement of, or announcement of an
intention to make, a tender offer or exchange offer, which upon
completion would result in the beneficial ownership by a person
or group of 20% or more of the outstanding ordinary shares.
Accordingly, exercise of the options may cause substantial
dilution to a person who attempts to acquire us.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The options are attached to each ordinary share and redeemable
preference share, including any shares offered by this
prospectus, and presently have no monetary value. The options
will not trade separately from our shares unless and until they
become exercisable. The options, which expire on July&nbsp;31,
2007, may be redeemed, at the option of our Board of Directors,
at a price of CI$.01&nbsp;per option at any time until ten
business days following the date that a group or person acquires
ownership of 20% or more of the outstanding ordinary shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The option deed may delay or prevent a change in control or
takeover of Consolidated Water. The option deed is designed to
enhance our Board of Directors&#146; ability to protect
shareholder interests and ensure that shareholders receive fair
and equal treatment upon any proposed takeover by deterring
coercive takeover tactics, including the accumulation of shares
in the open market or through private transactions, and
preventing an acquirer from gaining control of us without
offering a fair and adequate price and terms to all of our
shareholders as determined by our Board of Directors.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The full terms and conditions of the options are contained in an
option deed between us and our option agent, American Stock
Transfer&nbsp;&#38; Trust Company, and are incorporated by
reference into this prospectus. See &#147;Where You Can Find
More Information.&#148;
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transfer Agent</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent for our ordinary shares is American Stock
Transfer&nbsp;&#38; Trust Company, New York, New York.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Listing on the NASDAQ Global Select Market</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ordinary shares are listed on the NASDAQ Global Select
Market under the symbol &#147;CWCO.&#148;
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">UNDERWRITING</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are offering the ordinary shares described in this prospectus
by means of an underwritten public offering. We have entered
into a firm commitment underwriting agreement with the
underwriters named below. Janney Montgomery Scott LLC, 1801
Market Street, Philadelphia, PA 19103, is the lead underwriter
for the offering. Subject to the terms and conditions of the
underwriting agreement, we have agreed to sell to the
underwriters, and the underwriters have agreed to purchase, the
aggregate number of our ordinary shares set forth opposite their
respective names below at the public offering price less the
underwriting discount on the cover page of this prospectus.
</DIV>


<CENTER>
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<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Janney Montgomery Scott LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Boenning&nbsp;&#38; Scattergood, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brean Murray, Carret&nbsp;&#38; Co., LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    The Seidler Companies Incorporated</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,500,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement is subject to a number of terms and
conditions and may be terminated by the underwriters in the
event of a material adverse change in economic, political or
financial conditions. The obligations of the underwriters also
may be terminated upon the occurrence of other events specified
in the underwriting agreement. The underwriting agreement
provides that the underwriters must buy all of the ordinary
shares if they buy any of them. The underwriters will sell the
shares to the public when and if the underwriters buy the shares
from us.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters initially will offer the ordinary shares to the
public at the price specified on the cover page of this
prospectus. The underwriters may allow a concession of not more
than
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to selected dealers. The underwriters may allow, and
selected dealers may re-allow, a concession not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to brokers and dealers. If all of the ordinary shares are
not sold at the public offering price, the underwriters may
change the public offering price and the other selling terms.
The ordinary shares are offered subject to a number of
conditions, including:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the registration statement, of which the prospectus is a part,
    has been declared effective;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the representations and warranties made by us to the
    underwriters are true;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    there is no material adverse change in our business;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we deliver customary closing documents to the underwriters;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    receipt and acceptance of the ordinary shares by the
    underwriters;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the underwriters&#146; right to reject orders in whole or in
    part.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Over-Allotment Option</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have granted the underwriters an over-allotment option to buy
up to 225,000 additional ordinary shares at the price specified
on the cover page of this prospectus less underwriting discounts
and commissions. These additional ordinary shares may only be
used to cover sales of shares by the underwriters that exceed
the total number of ordinary shares described above. The
underwriters may exercise this option at any time within
30&nbsp;days after the date of this prospectus. If purchased,
the additional ordinary shares will be sold by the underwriters
on the same terms as those on which the other ordinary shares
are sold. We will pay the expenses associated with the exercise
of this option.
</DIV>


<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">27

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Discounts and Commissions</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the per share and total underwriting
discounts and commissions to be paid to the underwriters by us.
These discounts and commissions
represent &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the total amount of the offering. These amounts are shown
assuming no exercise and full exercise of the underwriters&#146;
option to purchase additional ordinary shares.
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Per Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Over-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Over-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Over-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Over-</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriter&nbsp;discounts&nbsp;and&nbsp;commissions<BR>
    to be paid by us</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stabilization</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with this offering, the underwriters may engage in
activities that stabilize, maintain or otherwise affect the
price of our ordinary shares, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    stabilizing transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    short sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    syndicate covering transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    purchases to cover positions created by short sales;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    penalty bids.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stabilizing transactions consist of bids or purchases made for
the purpose of preventing or retarding a decline in the market
price of our ordinary shares while this offering is in progress.
Stabilizing transactions may include making short sales of our
ordinary shares, which involves the sale by the underwriters of
a greater number of ordinary shares than they are required to
purchase in this offering, and purchasing ordinary shares from
us or on the open market to cover positions created by short
sales. Short sales may be &#147;covered&#148; shorts, which are
short positions in an amount not greater than the
underwriters&#146; over-allotment option referred to above, or
may be &#147;naked&#148; shorts, which are short positions in
excess of that amount. Syndicate covering transactions involve
purchases of our ordinary shares in the open market after the
distribution has been completed in order to cover syndicate
short positions.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters may close out any covered short position either
by exercising their over-allotment option, in whole or in part,
or by purchasing shares of our ordinary shares in the open
market. In making this determination, the underwriters will
consider, among other things, the price of our ordinary shares
available for purchase in the open market compared to the price
at which the underwriters may purchase ordinary shares through
the over-allotment option.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A naked short position is more likely to be created if the
underwriters are concerned that there may be downward pressure
on the price of ordinary shares in the open market that could
adversely affect investors who purchased ordinary shares in this
offering. To the extent that the underwriters create a naked
short position, they will purchase ordinary shares in the open
market to cover the position.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters may also impose a penalty bid. Penalty bids
permit the underwriters to reclaim a selling concession from a
syndicate member when the ordinary shares originally sold by
that syndicate member are purchased in a stabilizing transaction
or syndicate covering transaction to cover syndicate short
positions. The imposition of a penalty bid may have an effect on
the price of the ordinary shares to the extent that it may
discourage resales of the ordinary shares.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These activities may have the effect of raising or maintaining
the market price of ordinary shares or preventing or retarding a
decline in the market price of ordinary shares. As a result of
these
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">28

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
activities, the price of ordinary shares may be higher than the
price that otherwise might exist in the open market. If the
underwriters commence the activities, they may discontinue them
at any time.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<FONT style="white-space: nowrap"><B>Lock-up</FONT>
Agreements</B>
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated Water and our executive officers and directors have
entered into <FONT style="white-space: nowrap">lock-up</FONT>
agreements with Janney Montgomery Scott LLC, on behalf of the
underwriters. Under our agreement with the underwriters, subject
to certain exceptions, we may not issue any new ordinary shares
other than ordinary shares issuable upon exercise of options
issued under our equity incentive plans or upon exercise or
conversion of currently outstanding exercisable or convertible
securities.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under agreements with Janney Montgomery Scott LLC, on behalf of
the underwriters, our executive officers and directors may not,
directly or indirectly, offer to sell, sell, pledge, contract to
sell or otherwise transfer or dispose of, enter into any swap or
any other agreement or any transaction that transfers, in whole
or in part, directly or indirectly, the economic consequence of
ownership of or engage in any short selling of any ordinary
shares or securities convertible into or exchangeable for
ordinary shares, or publicly disclose the intention to do any of
the foregoing, without the prior written consent of Janney
Montgomery Scott LLC for a period of 90&nbsp;days from the
effective date of the registration statement of which the
prospectus forms a part. Janney Montgomery Scott LLC, in its
sole discretion, may release the securities subject to the
<FONT style="white-space: nowrap">lock-up</FONT> agreements, in
whole or in part, at any time with or without notice. Janney
Montgomery Scott LLC has advised us that when determining
whether to release such securities from the
<FONT style="white-space: nowrap">lock-up</FONT> agreements, it
will consider, among other factors, the holder&#146;s reasons
for requesting the release, the number of securities for which
the release is being requested and market conditions at the time
of the request for such release. In addition, during this
<FONT style="white-space: nowrap">90-day</FONT> period we also
have agreed not to file any registration statement for, and each
of our officers and shareholders has agreed not to exercise any
demand, mandatory, piggyback, optional or any other registration
rights with respect to, the registration of any ordinary shares
or any securities convertible into or exercisable or
exchangeable for ordinary shares without the prior written
consent of Janney Montgomery Scott LLC, other than a
registration statement on
Form&nbsp;<FONT style="white-space: nowrap">S-8</FONT> to
register ordinary shares, options to purchase ordinary shares
and ordinary shares issuable upon exercise of options pursuant
to any stock option, stock bonus or other stock plan or
arrangement described in this prospectus.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, if we issue an earnings release
or material news or a material event relating to us occurs
during the last 17&nbsp;days of this 90-day period or prior to
the expiration of this 90-day period or we announce that we will
release earnings results during the 16-day period beginning on
the last day of this 90-day period, the restrictions imposed by
lock-up agreements shall continue to apply until the expiration
of the 18-day period beginning on the issuance of such earnings
release or the occurrence of such material news or material
event.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will indemnify the underwriters against some liabilities,
including liabilities under the Securities Act. If we are unable
to provide this indemnification, we will contribute to payments
the underwriters may be required to make in respect of those
liabilities.
</DIV>


<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Other</B>
</DIV>



<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of the underwriters and their respective affiliates
have, from time to time, performed, and may in the future
perform, various brokerage and banking services for our
executive officers and directors, for which they received or
will receive customary fees and expenses.
</DIV>


<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">29

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">OFFERING EXPENSES</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>OFFERING EXPENSES</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the costs and expenses, other
than the underwriting discounts and commissions, payable by us
in connection with the offering of the ordinary shares pursuant
to this prospectus. All amounts are estimates, except for the
SEC registration fee.
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,895</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASD filing fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Transfer agent fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASDAQ listing fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Premiums paid to insure directors and officers in connection
    with this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,605</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>611,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">LEGAL MATTERS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The validity of the issuance of the ordinary shares offered
hereby will be passed upon by our Cayman Islands counsel, Myers
and Alberga, Grand Cayman, Cayman Islands. Certain legal matters
with respect to U.S.&nbsp;law will be passed upon by our United
States counsel, Edwards Angell Palmer&nbsp;&#38; Dodge LLP,
Fort&nbsp;Lauderdale, Florida. Ballard Spahr Andrews&nbsp;&#38;
Ingersoll, LLP, Philadelphia, Pennsylvania, is acting as counsel
to the underwriters in connection with this offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">EXPERTS</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our consolidated financial statements as of December&nbsp;31,
2005 and for the year then ended, and management&#146;s
assessment of the effectiveness of internal control over
financial reporting as of December&nbsp;31, 2005, incorporated
by reference into this prospectus, have been so incorporated in
reliance on the report of Rachlin Cohen&nbsp;&#38; Holtz LLP,
independent registered public accounting firm, Las Olas Centre,
450&nbsp;E.&nbsp;Las Olas Blvd, Suite&nbsp;950,
Fort&nbsp;Lauderdale, FL 33301, given as the authority of said
firm as experts in auditing and accounting.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of Consolidated Water Co.
Ltd. as of December&nbsp;31, 2004 and 2003, and for the years
then ended, have been incorporated by reference herein in
reliance upon the reports of KPMG, independent registered public
accounting firm, incorporated by reference herein, and upon the
authority of said firm as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The KPMG audit report, dated April&nbsp;15, 2005, on
management&#146;s assessment of the effectiveness of internal
control over financial reporting and the effectiveness of
internal control over financial reporting as of
December&nbsp;31, 2004, expresses an opinion that Consolidated
Water Co. Ltd. did not maintain effective internal control over
financial reporting as of December&nbsp;31, 2004, because of the
effect of a material weakness on the achievement of the
objectives of the control criteria and contains an explanatory
paragraph that states: (i)&nbsp;the Company failed to properly
track fixed assets and accumulated depreciation, including
<FONT style="white-space: nowrap">work-in</FONT>-progress
accounts, (ii)&nbsp;the Company does not have sufficient
personnel resources with appropriate accounting expertise,
(iii)&nbsp;the Company did not properly track inventory and
management did not sufficiently review the physical count
worksheets to the final inventory lists, (iv)&nbsp;the Company
did not sufficiently review the inter-company eliminations and
(v)&nbsp;the Company did not sufficiently document the system
access controls around its financial management information
system.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">30
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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='116'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">WHERE YOU CAN FIND MORE INFORMATION</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;<FONT style="white-space: nowrap">F-3</FONT> under the
Securities Act, with respect to the ordinary shares offered by
this prospectus. This prospectus, which is part of that
registration statement, omits certain information, exhibits,
schedules and undertakings set forth in the registration
statement which you should refer to for further information.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are subject to the reporting requirements of the Exchange
Act. As a foreign private issuer, we are required to file with
the SEC reports on
Form&nbsp;<FONT style="white-space: nowrap">40-F,</FONT>
Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> and
Form&nbsp;<FONT style="white-space: nowrap">6-K.</FONT> However,
we instead voluntarily file reports on
Form&nbsp;<FONT style="white-space: nowrap">10-K,</FONT>
Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> and
Form&nbsp;<FONT style="white-space: nowrap">8-K,</FONT> which we
believe provide more detailed and timely information.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registration statement on
Form&nbsp;<FONT style="white-space: nowrap">F-3,</FONT>
including the exhibits and schedules thereto, and reports and
other information filed by us with the SEC may be inspected
without charge and copied at prescribed rates at the SEC&#146;s
Public Reference Room at 100 F Street, N.E.,
Washington,&nbsp;D.C. 20549. Copies of such material are also
available by mail at prescribed rates from the Public Reference
Section of the SEC, at 100 F Street, N.E., Washington D.C.
20549. The public may call the SEC at
<FONT style="white-space: nowrap">1-800-SEC-0330</FONT> for
further information. Our filings with the SEC are also available
to the public on the SEC&#146;s website at http://www.sec.gov.
We maintain a website at http://www.cwco.com. Our website is not
part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a foreign private issuer, we are exempt from the rules under
the Exchange Act prescribing the furnishing and content of proxy
statements to shareholders. In addition, our officers, directors
and principal shareholders are exempt from the &#147;short-swing
profits&#148; reporting and liability provisions contained in
Section&nbsp;16 of the Exchange Act and related Exchange Act
rules.
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">31

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='117'></A>
</DIV>

<!-- link1 "<FONT style="font-size: 11.0pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT>" -->

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The SEC allows us to &#147;incorporate by reference&#148; the
information we file with them, which means that we can disclose
important information to you by referring to those documents.
The information incorporated by reference is considered to be
part of this prospectus. The reports and information we
incorporate by reference and file after the date of this
prospectus, will update, supplement and supersede the
information in this prospectus. We incorporate by reference the
documents listed below and our Annual Reports on
Form&nbsp;<FONT style="white-space: nowrap">10-K,</FONT>
Quarterly Reports on
Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> and
Current Reports on
Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT>
subsequently filed with the SEC after the date of the initial
registration statement and prior to the effectiveness of the
registration statement and after the date of the prospectus and
prior to the termination of the offering; <I>provided,
however,</I> that we are not incorporating any information
furnished under Item&nbsp;2.02 or 7.01 of any Current Report on
Form&nbsp;<FONT style="white-space: nowrap">8-K.</FONT>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our Annual Report on
    Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
    fiscal year ended December&nbsp;31, 2005, filed on
    March&nbsp;16, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our Quarterly Reports on
    Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
    fiscal quarter ended March&nbsp;31, 2006 and the second fiscal
    quarter ended June&nbsp;30, 2006, filed on May&nbsp;10, 2006 and
    August&nbsp;9, 2006, respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our Current Reports on
    Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT> filed on
    March&nbsp;21, 2006, May&nbsp;15, 2006, May&nbsp;26, 2006,
    August&nbsp;9, 2006, August&nbsp;14, 2006, October 2, 2006 and
    October&nbsp;6, 2006;&nbsp;and</TD>
</TR>


<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our Registration Statement on
    Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> filed on
    April&nbsp;24, 1995.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may request a copy of these filings, at no cost, by writing
or telephoning us at the following address:
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Frederick W. McTaggart
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
President and Chief Executive Officer
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
Consolidated Water Co. Ltd.
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
Regatta Office Park, Windward Three, 4th&nbsp;Floor, West Bay
Road
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
P.O. Box&nbsp;1114
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
Grand Cayman KY1-1102, Cayman Islands
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
Tel: (345)&nbsp;945-4277
</DIV>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">32

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<DIV align="left" style="font-size: 0.0pt;color: #000000; background: #ffffff;">
<FONT style="font-size: 11.0pt">________________________________________________________________________________
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</FONT>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not authorized any
dealer, salesperson or other person to give any information or
represent anything not contained in this prospectus. You must
not rely on any unauthorized information. If anyone provides you
with different or inconsistent information, you should not rely
on it. This prospectus does not offer to sell any shares in any
jurisdiction where it is unlawful. The information in this
prospectus is current as of the date shown on the cover page.</B>
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 4.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 0.0pt;color: #000000; background: #ffffff;">
<B><FONT style="font-size: 11.0pt">________________________________________________________________________________
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV></FONT></B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="g03508g0350800.gif" alt="(Consolidated Water Co. Ltd. Logo)">
</DIV>


<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>1,500,000 Ordinary Shares</B>
</DIV>


<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 23%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 23%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-variant:SMALL-CAPS">Janney&nbsp;Montgomery&nbsp;Scott&nbsp;llc</FONT></B>
</DIV>


<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 23%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-variant:SMALL-CAPS">Boenning&nbsp;&#38;
Scattergood, Inc.</FONT></B>
</DIV>


<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-variant:SMALL-CAPS">Brean Murray,
Carret&nbsp;&#38; Co.</FONT></B>
</DIV>



<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-variant:SMALL-CAPS">The Seidler Companies
Incorporated</FONT></B>
</DIV>


<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 4.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<!-- PAGEBREAK -->
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<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of
Directors and Officers</I></B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Article&nbsp;40 of our Articles of Association and
indemnification agreements, we have indemnified our directors
and officers from and against all actions, proceedings, costs,
charges, losses, damages and expenses incurred in connection
with their service as a director or officer. We have not
indemnified our officers or directors for actions, proceedings,
costs, charges, losses, damages and expenses incurred by these
officers or directors as a result of their willful neglect or
default of their obligations to us.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Underwriting Agreement with our underwriters provides that
the underwriters are obligated, under certain circumstances to
indemnify our directors, officers and controlling persons
against certain liabilities, including liabilities under the
Securities Act.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we carry directors&#146; and officers&#146;
liability insurance.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I></B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Exhibit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Memorandum of Association of Consolidated
    Water Co. Ltd., dated August&nbsp;17, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Articles of Association of Consolidated
    Water Co. Ltd., dated May&nbsp;10, 2006</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Option Deed, dated August&nbsp;6, 1997, between Cayman Water
    Company Limited (a predecessor to the Company) and American
    Stock Transfer&nbsp;&#38; Trust Company (incorporated herein by
    reference to the exhibit filed on our Form&nbsp;6-K, dated
    August&nbsp;7, 1997, Commission File No. 0-25248)</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Deed of Amendment of Option Deed, dated August&nbsp;8, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Deed of Amendment of Option Deed, dated
    September&nbsp;27, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Myers and Alberga</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Rachlin Cohen&nbsp;&#38; Holtz LLP&nbsp;&#151;
    Consolidated Water Co. Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Rachlin Cohen&nbsp;&#38; Holtz LLP&nbsp;&#151; Ocean
    Conversion (BVI)&nbsp;Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of KPMG&nbsp;&#151; Consolidated Water Co. Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of KPMG&nbsp;&#151; Ocean Conversion (BVI)&nbsp;Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Myers and Alberga (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (included on the signature page hereto)</TD>
</TR>

</TABLE>
</CENTER>


<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">II-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Item 10.<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings</I></B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act
of 1933, each filing of the registrant&#146;s annual report
pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to Section&nbsp;15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore,
unenforceable. In that event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
C.&nbsp;The registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="7%"></TD>
    <TD width="4%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    For purposes of determining any liability under the Securities
    Act of 1933, the information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon
    Rule&nbsp;430A and contained in a form of prospectus filed by
    the registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or
    497(h) under the Securities Act shall be deemed to be part of
    this registration statement as of the time it was declared
    effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">II-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form&nbsp;<FONT style="white-space: nowrap">F-3</FONT> and has
duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in Grand
Cayman, Cayman Islands, on October&nbsp;12, 2006.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    CONSOLIDATED WATER CO. LTD.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="38%"></TD>
    <TD width="3%"></TD>
    <TD width="59%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ <FONT style="font-variant:SMALL-CAPS">Frederick W. McTaggart
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid black; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 11.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Frederick W. McTaggart</TD>
</TR>

<TR valign="top"  style="font-size: 11.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Director, Chief Executive Officer and <BR>
     President</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each person whose signature appears below constitutes and
appoints Frederick W. McTaggart and David W. Sasnett,<B><I>
</I></B>and each of them individually, his true and lawful
<FONT style="white-space: nowrap">attorney-in</FONT>-fact and
agent, each acting alone, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any
and all capacities, to sign any or all amendments (including
post-effective amendments and registration statements filed
pursuant to Rule&nbsp;462 under the Securities Act of 1933) to
the Registration Statement on
Form&nbsp;<FONT style="white-space: nowrap">F-3,</FONT> and to
file the same, with all exhibits thereto, and all documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said
<FONT style="white-space: nowrap">attorney-in</FONT>-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he might
or could do in person, hereby ratifying and confirming all that
said <FONT style="white-space: nowrap">attorney-in</FONT>-fact
and agent, or his or her substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons
in the capacities indicated below on October&nbsp;12, 2006.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Frederick W.
    McTaggart<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Frederick
    W. McTaggart</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director, Chief Executive Officer and President (Principal
    Executive Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">David W. Sasnett<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>David
    W. Sasnett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director, Executive Vice President&nbsp;&#38; Chief Financial
    Officer (Principal Financial and Accounting Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Jeffrey M. Parker<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Jeffrey
    M. Parker</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director and Chairman of the Board of Directors</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">William T. Andrews<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>William
    T. Andrews</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Brian E. Butler<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Brian
    E. Butler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Steven A. Carr<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Steven
    A. Carr</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Carson K. Ebanks<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Carson
    K. Ebanks</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">II-3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Richard L. Finlay<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Richard
    L. Finlay</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Clarence B.
    Flowers,&nbsp;Jr.<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Clarence
    B. Flowers,&nbsp;Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Wilmer Pergande<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Wilmer
    Pergande</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Leonard J. Sokolow<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Leonard
    J. Sokolow</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Raymond Whittaker<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Raymond
    Whittaker</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    By:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">David W. Sasnett<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>David
    W. Sasnett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Authorized U.S.&nbsp;Representative</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">II-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXHIBIT INDEX</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Exhibit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Memorandum of Association of Consolidated
    Water Co. Ltd., dated August&nbsp;17, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Articles of Association of Consolidated
    Water Co. Ltd., dated May&nbsp;10, 2006</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Option Deed, dated August&nbsp;6, 1997, between Cayman Water
    Company Limited (a predecessor to the Company) and American
    Stock Transfer&nbsp;&#38; Trust Company (incorporated herein by
    reference to the exhibit filed on our Form&nbsp;6-K, dated
    August&nbsp;7, 1997, Commission File No. 0-25248)</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Deed of Amendment of Option Deed, dated August&nbsp;8, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Deed of Amendment of Option Deed, dated
    September&nbsp;27, 2005</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Myers and Alberga</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Rachlin Cohen&nbsp;&#38; Holtz LLP&nbsp;&#151;
    Consolidated Water Co. Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Rachlin Cohen&nbsp;&#38; Holtz LLP&nbsp;&#151; Ocean
    Conversion (BVI)&nbsp;Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of KPMG&nbsp;&#151; Consolidated Water Co. Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of KPMG&nbsp;&#151; Ocean Conversion (BVI)&nbsp;Ltd.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Myers and Alberga (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (included on the signature page hereto)</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">II-5
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>g03508exv1w1.htm
<DESCRIPTION>EX-1.1 FORM OF UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.1 Form of Underwriting Agreement</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>1,500,000 SHARES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED WATER CO. LTD.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ORDINARY SHARES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERWRITING AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Philadelphia, Pennsylvania<BR>
October __, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JANNEY MONTGOMERY SCOTT LLC<BR>
BOENNING &#038; SCATTERGOOD, INC.<BR>
BREAN MURRAY, CARRET &#038; CO., LLC<BR>
THE SEIDLER COMPANIES INCORPORATED<BR>
As Representatives of the Several Underwriters Named in Schedule&nbsp;I hereto<BR>
c/o Janney Montgomery Scott LLC<BR>
1801 Market Street<BR>
Philadelphia, PA 19103

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd., a Cayman Islands corporation (&#147;CWCO&#148;), proposes, subject to the
terms and conditions stated herein, to sell to the several Underwriters named in <U>Schedule&nbsp;I</U>
hereto (the &#147;Underwriters&#148;), for whom Janney Montgomery Scott LLC, Boenning &#038; Scattergood, Inc.,
Brean Murray, Carret &#038; Co., LLC, and The Seidler Companies Incorporated are serving as
Representatives (the &#147;Representatives&#148;), an aggregate of
1,500,000 Ordinary Shares, par value
CI$1.00 per share (the &#147;Ordinary Shares&#148;) of CWCO. The Ordinary Shares to be sold to the
Underwriters by CWCO are referred to herein as the &#147;Firm Shares.&#148; The respective amounts of the
Firm Shares to be purchased by the several Underwriters are set forth opposite their names in
<U>Schedule&nbsp;I</U> hereto. The Firm Shares shall be offered to the public at a public offering
price of $_____________ per Firm Share (the &#147;Offering Price&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to cover over-allotments in the sale of the Firm Shares, the Underwriters may, at the
Underwriters&#146; election and subject to the terms and conditions stated herein, purchase ratably in
proportion to the amounts set forth opposite their respective names in <U>Schedule&nbsp;I</U>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">hereto,
for the Underwriters&#146; own accounts up to 225,000 additional shares of Ordinary
Shares from CWCO. Such 225,000 additional shares of Ordinary Shares are referred to herein as
the &#147;Optional Shares.&#148; If any Optional Shares are purchased, the Optional Shares shall be
purchased for offering to the public at the Offering Price and in accordance with the terms and
conditions set forth herein. The Firm Shares and the Optional Shares are referred to collectively
herein as the &#147;Shares.&#148;</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CWCO and the Underwriters, intending to be legally bound, hereby confirm their agreement as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;</B><U><B>Representations and Warranties of CWCO</B></U><B>. </B>CWCO represents and warrants to, and
agrees with, the several Underwriters that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;CWCO has prepared and filed with the Securities and Exchange Commission (the &#147;SEC&#148;), in
accordance with the provisions of the Securities Act of 1933, as amended (the &#147;Act&#148;), and the rules
and regulation thereunder (the &#147;Regulations&#148;) a registration statement on Form F-3 (File No.
333-_________), including a prospectus, relating to the Shares. The term &#147;Registration Statement&#148;
as used herein means the registration statement (including all exhibits and information
incorporated by reference therein) as amended at the time it becomes effective or, if the
registration statement became effective prior to the execution of this Agreement, as supplemented
or amended prior to the execution of this Agreement and includes information (if any) contained in
the Prospectus (as defined below). If it is contemplated, at the time this Agreement is executed,
that a post-effective amendment to the Registration Statement will be filed and must be declared
effective before the offering of the Shares may commence, the term &#147;Registration Statement&#148; as used
herein shall mean the Registration Statement as amended by such post-effective amendment. If CWCO
has filed or files on or after the date of this Agreement a registration statement to register
additional shares of Common Stock pursuant to Rule 462(b) under the Act (&#147;Rule&nbsp;462(b) Registration
Statement&#148;), then any reference herein to the term &#147;Registration Statement&#148; shall be deemed to
include such Rule 462(b) Registration Statement. The term &#147;Preliminary Prospectus&#148; shall mean any
preliminary prospectus included in the Registration Statement or filed with the SEC pursuant to
Rule 424(a) of the Regulations. The term &#147;Statutory Prospectus&#148; shall mean any Preliminary
Prospectus, as amended or supplemented, relating to the Shares that is included in the Registration
Statement immediately prior to the Initial Sale Time (as defined herein), including any document
incorporated by reference therein. The term &#147;Prospectus&#148; shall mean the final prospectus relating
to the Shares that is first filed pursuant to Rule 424(b) after the effective date of the
Registration Statement (the &#147;Effective Date&#148;) or, if no filing pursuant to Rule 424(b) is required,
shall mean the form of final prospectus relating to the Shares included in the Registration
Statement at the Effective Date. The term &#147;Issuer Free Writing Prospectus&#148; shall have the meaning
ascribed to it in Rule&nbsp;433 of the Regulations relating to the Shares, in the form filed or required
to be filed with the SEC or, if not required to be filed, in the form retained in CWCO&#146;s record
pursuant to Rule 433(g) of the Regulations. The term &#147;Disclosure Package&#148; shall mean (i)&nbsp;the
Statutory Prospectus, (ii)&nbsp;the Issuer Free Writing Prospectus, if any, identified in <U>Schedule
II</U> hereto and <B>(</B>iii) any other free writing prospectus defined in Rule&nbsp;405 of the Regulations
that is required to be filed by CWCO with the SEC or retained by CWCO under Rule&nbsp;433 of the
Regulations and that all parties hereto expressly agree to treat as part of the Disclosure Package
(the &#147;Other Free Writing Prospectus&#148;). For purposes of this Agreement, the &#147;Initial Sale Time&#148;
shall mean 5:00
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">p.m. (Eastern Standard Time) on the date of this Agreement. All references in this Agreement
to the Registration Statement, the Rule 462(b) Registration Statement, a Preliminary Prospectus,
the Statutory Prospectus, the Prospectus, the Issuer Free Writing Prospectus, the Other Free
Writing Prospectus or any amendments or supplements to any of the foregoing, shall include any copy
thereof filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval System
(&#147;EDGAR&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registration Statement has become effective under the Act, and the SEC has not issued
any stop order suspending the effectiveness of the Registration Statement or preventing or
suspending the use of the Statutory Prospectus or the Prospectus, nor has the SEC instituted or, to
the knowledge of CWCO, threatened to institute proceedings with respect to such an order. For
purposes of this Agreement, &#147;to the knowledge of CWCO,&#148; means the actual knowledge of CWCO and/or
any executive officer or director of CWCO, and an individual shall be deemed to have &#147;knowledge&#148; of
a particular fact, circumstance or other matter if: (i)&nbsp;such person is actually aware of such fact
or matter or (ii)&nbsp;an individual could have obtained such fact, circumstance or other matter through
a due inquiry concerning the truth or existence of such fact, circumstance or other matter. No
stop order suspending the sale of the Shares in any jurisdiction designated by the Representatives
as provided for in Section 5(f) hereof has been issued, and no proceedings for that purpose have
been instituted or, to the knowledge of CWCO, threatened. CWCO has complied in all material
respects with all requests of the SEC, or requests of which CWCO has been advised of any state or
foreign securities commission in a state or foreign jurisdiction designated by the Representatives
as provided for in Section 5(f) hereof, for additional information to be included in the
Registration Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;(i)&nbsp;The Registration Statement, when it became effective, did not contain and, as amended
or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading, (ii)&nbsp;the Registration Statement, the Statutory Prospectus and the Prospectus comply
and, as amended or supplemented, if applicable, will comply in all material respects with the Act
and the Regulations, (iii)&nbsp;the Statutory Prospectus and the Prospectus do not contain and, as
amended or supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations and
warranties set forth in this paragraph do not apply to omissions from or statements in the
Registration Statement, the Statutory Prospectus or the Prospectus based upon and in conformity
with written information furnished to CWCO by any Underwriter specifically for use therein, and
(iv)&nbsp;the statistical and market-related data included or incorporated by reference in the
Registration Statement, the Disclosure Package or the Prospectus are based on or derived from
sources that CWCO believes to be reliable and accurate. With respect to the exception set forth at
sub-clause (iii)&nbsp;above, CWCO acknowledges that the only information furnished by any Underwriter
for use in the Registration Statement, the Statutory Prospectus or the Prospectus is the
information as set forth in Section&nbsp;13 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;As of the Initial Sale Time, the Disclosure Package complied in all material respects with
the Act and the Regulations and, if filed by electronic transmission
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to EDGAR (except as may be permitted by Regulation&nbsp;S-T under the Act), was identical
to the copy thereof delivered to the Underwriters for use in connection with the offer and sale of
the Shares. The Disclosure Package, at the Initial Sale Time, did not, and at the Closing Date
will not, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding sentence does not apply to omissions
from or statements in the Disclosure Package based upon and in conformity with written information
furnished to CWCO by any Underwriter through the Representatives specifically for use therein, it
being understood and agreed that the only such information furnished by any Underwriter for use in
the Disclosure Package is the information as set forth in Section&nbsp;13 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;CWCO (including its agents and representatives, other than the Underwriters in their
capacity as such) has not used, authorized, approved or referred to and will not use, authorize,
approve or refer to any Issuer Free Writing Prospectus, other than the documents listed on
<U>Schedule&nbsp;II</U> hereto. Each such Issuer Free Writing Prospectus complied in all material
respects with the Act and has been filed in accordance with the Act (to the extent required
thereby). Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times
through the completion of the public offer and sale of the Shares or until any earlier date of
which CWCO notified or notifies the Representatives as described in the next sentence, did not,
does not and will not include any information that conflicted, conflicts or will conflict with the
information contained in the Registration Statement. If at any time following issuance of an
Issuer Free Writing Prospectus, there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted or would conflict with the information then
contained in the Registration Statement or included or would include an untrue statement of a
material fact or omitted or would omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at that subsequent time, not
misleading, (i)&nbsp;CWCO has promptly notified or will promptly notify the Representatives and (ii)
CWCO has promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus
to eliminate or correct such conflict, untrue statement or omission. The foregoing sentences do
not apply to omissions from or statements in any Issuer Free Writing Prospectus based upon and in
conformity with written information furnished to CWCO by any Underwriter through the
Representatives specifically for use therein, it being understood and agreed that the only such
information furnished by any Underwriter for use in any Issuer Free Writing Prospectus is the
information as set forth in Section&nbsp;13 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;CWCO has not distributed and will not distribute, prior to the later of the last Option
Closing Date and the completion of the Underwriters&#146; distribution of the Shares, any offering
material in connection with the offering and sale of the Shares, other than the Registration
Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Any documents incorporated by reference into the Prospectus pursuant to Item&nbsp;6 of Form F-3
under the Act, at the time they were filed with the SEC, complied in all material respects with the
requirements of the Securities Exchange Act of 1934, as amended (&#147;Exchange Act&#148;) and with the
rules and regulations promulgated under or pursuant to the Exchange Act, and did not contain any
untrue statement of material fact or omit to state a
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">material fact required to be stated therein, or necessary to make the statements therein, not
misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;CWCO is a corporation duly organized, validly existing and in good standing under the laws
of the Cayman Islands, and has the corporate power and authority to own or lease and operate its
properties and to conduct its current business as described in the Registration Statement, the
Disclosure Package or the Prospectus, and to execute, deliver and perform this Agreement. Cayman
Water Company Limited (&#147;Cayman Water&#148;) is a corporation duly organized, validly existing and in
good standing under the laws of the Cayman Islands, and has the corporate power and authority to
own or lease and operate its properties and to conduct its current business as described in the
Registration Statement, the Disclosure Package or the Prospectus, and to execute, deliver and
perform this Agreement. Consolidated Water (Belize) Limited, a corporation incorporated in Belize
(&#147;Belize Water&#148;), is a wholly owned subsidiary of CWCO. Belize Water is a corporation duly
organized, validly existing and in good standing under the laws of Belize, and has the corporate
power and authority to own or lease and operate its properties and to conduct its current business
as described in the Registration Statement, the Disclosure Package or the Prospectus. DesalCo
Limited (&#147;DesalCo&#148;) is a company duly organized, validly existing and in good standing under the
laws of the Cayman Islands, and has the corporate power and authority to own or lease and operate
its properties and to conduct its current business as described in the Registration Statement, the
Disclosure Package or the Prospectus. Ocean Conversion (Cayman) Limited (&#147;OCC&#148;) is a company duly
organized, validly existing and in good standing under the laws of the Cayman Islands, and has the
corporate power and authority to own or lease and operate its properties and to conduct its current
business as described in the Registration Statement, the Disclosure Package or the Prospectus.
Ocean Conversion (BVI)&nbsp;Ltd. (&#147;OCBVI&#148;) is a company duly organized, validly existing and in good
standing under the laws of the British Virgin Islands, and has the corporate power and authority to
own or lease and operate its properties and to conduct its current business as described in the
Registration Statement, the Disclosure Package or the Prospectus. DesalCo (Barbados) Ltd.
(&#147;DesalCo Barbados&#148;) is a company duly organized, validly existing and in good standing under the
laws of the Barbados, and has the corporate power and authority to own or lease and operate its
properties and to conduct its current business as described in the Registration Statement, the
Disclosure Package or the Prospectus. Consolidated Water (Bahamas) Limited (&#147;CWBL&#148;) is a company
duly organized, validly existing and in good standing under the laws of The Bahamas, and has the
corporate power and authority to own or lease and operate its properties and to conduct its current
business as described in the Registration Statement, the Disclosure Package or the Prospectus.
Aquilex, Inc. (&#147;Aquilex&#148;) is a company duly organized, validly existing and in good standing under
the laws of the State of Florida, and has the corporate power and authority to own or lease and
operate its properties and to conduct its current business as described in the Registration
Statement, the Disclosure Package or the Prospectus. CWCO, Cayman Water, Belize Water, DesalCo,
OCC, OCBVI, DesalCo Barbados, CWBL, and Aquilex are duly qualified to do business, and are in good
standing, in all jurisdictions in which such qualification is required, except where the failure to
so qualify would not have a material adverse effect on the general affairs, properties, condition
(financial or otherwise), results of operations, shareholders&#146; equity, business or prospects
(collectively, the &#147;Business Conditions&#148;) of CWCO, Cayman Water, Belize Water, DesalCo, OCC, OCBVI,
DesalCo Barbados, CWBL, and Aquilex. Cayman Water, Belize Water, DesalCo, OCC, OCBVI, DesalCo
Barbados, CWBL, and Aquilex are hereinafter sometimes collectively referred
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to as the &#147;CWCO Subsidiaries&#148; and CWCO and the CWCO Subsidiaries are hereinafter sometimes
collectively referred to as the &#147;CWCO Group.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&#091;Neither CWCO nor the CWCO Subsidiaries owns any stock or other interest whatsoever,
whether equity or debt, in any corporation, partnership or other entity other than (i)&nbsp;CWCO&#146;s
ownership of the CWCO Subsidiaries; and (ii)&nbsp;DesalCo&#146;s ownership of DesalCo Barbados.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The currently outstanding shares of CWCO&#146;s capital stock have been duly authorized and are
validly issued, fully paid and non-assessable, and none of such outstanding shares of CWCO&#146;s
capital stock has been issued in violation of any preemptive rights of any security holder of CWCO.
The holders of the outstanding shares of CWCO&#146;s capital stock are not subject to personal
liability solely by reason of being such holders. All previous offers and sales of the outstanding
shares of CWCO&#146;s capital stock made by or on behalf of CWCO, whether described in the Registration
Statement, the Disclosure Package or the Prospectus or otherwise, were made in conformity with
applicable federal, state and foreign securities laws. The authorized capital stock of CWCO,
including, without limitation, the outstanding Ordinary Shares, the Shares being issued pursuant
hereto, and the outstanding options to purchase Ordinary Shares conform in all material respects
with the descriptions thereof in the Registration Statement, the Disclosure Package or the
Prospectus, and such descriptions conform in all material respects with the instruments defining
the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;All of the outstanding shares of capital stock of the CWCO Subsidiaries have been duly
authorized and validly issued, are fully paid and non-assessable, and none of the outstanding
shares of the CWCO Subsidiaries&#146; capital stock has been issued in violation of any preemptive
rights of any security holder of any of the CWCO Subsidiaries. All shares of the CWCO Subsidiaries,
owned by CWCO, are owned by CWCO free and clear of all liens, encumbrances and security interests,
except as otherwise disclosed in the Registration Statement, the Disclosure Package or the
Prospectus; and no options, warrants or other rights to purchase, agreements or other obligations
to issue, or other rights to convert any obligations into shares of capital stock or ownership
interests in any of the CWCO Subsidiaries or securities convertible into or exchangeable for
capital stock of, or other ownership interests in any of the CWCO Subsidiaries are outstanding,
except as disclosed in the Registration Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;There are no legal or governmental proceedings pending or, to the knowledge of CWCO,
threatened to which any member of the CWCO Group is a party or to which any of the properties of
any member of the CWCO Group is subject that are required to be described in the Registration
Statement, the Disclosure Package or the Prospectus and are not so described, and there are no
statutes, regulations, contracts or other documents concerning the CWCO Group that are required to
be described in the Registration Statement, the Disclosure Package or the Prospectus or to be filed
as exhibits to the Registration Statement that are not described or filed as required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;This Agreement has been duly authorized, executed and delivered by CWCO and constitutes
its legal, valid and binding obligation, enforceable against CWCO in
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or
other similar laws affecting the enforcement of creditors&#146; rights generally and subject to
applicability of general principles of equity and except, as to this Agreement, as rights to
indemnity and contribution may be limited by federal and state securities laws or principles of
public policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;The execution, delivery and performance of this Agreement and the transactions
contemplated herein do not and will not, with or without the giving of notice or the lapse of time,
or both, (i)&nbsp;conflict with any term or provision of any member of the CWCO Group&#146;s respective
governing instruments; (ii)&nbsp;result in a breach of, constitute a default under, result in the
termination or modification of, result in the creation or imposition of any lien, security
interest, charge or encumbrance upon any of the properties of the CWCO Group or require any payment
by the CWCO Group or impose any liability on the CWCO Group pursuant to, any contract, indenture,
mortgage, deed of trust, commitment or other agreement or instrument to which any member of the
CWCO Group is a party or by which any of their respective properties are bound or affected other
than this Agreement, except where such breach, default, modification, termination, lien, security
interest, charge, encumbrance, payment or liability could not reasonably be expected to have a
material adverse effect on the Business Conditions of the CWCO Group, taken as a whole; (iii)
assuming compliance with the rules of the National Association of Securities Dealers, Inc. (the
&#147;NASD&#148;) applicable to the offer and sale of the Shares, violate any law, rule, regulation,
judgment, order or decree of any government or governmental agency, instrumentality or court,
domestic or foreign, having jurisdiction over the CWCO Group or any of their respective properties
or businesses, except where such violation could not reasonably be expected to have a material
adverse effect on the Business Conditions of the CWCO Group, taken as a whole; or (iv)&nbsp;result in a
breach, termination or lapse of any member of the CWCO Group&#146;s corporate power and authority to own
or lease and operate their respective properties and conduct their respective businesses, except as
disclosed in the Registration Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;At the date or dates indicated in the Registration Statement, the Disclosure Package or
the Prospectus, CWCO had the duly authorized and outstanding capitalization set forth in the
Registration Statement, the Disclosure Package or the Prospectus under the caption &#147;Capitalization&#148;
and will have, as of the issuance of the Firm Shares on the Closing Date (as defined below), the as
adjusted capitalization set forth therein as of the date indicated in the Registration Statement,
the Disclosure Package or the Prospectus. On the Effective Date, the Closing Date and any Option
Closing Date (as defined below), there will be no options or warrants or other outstanding rights
to purchase, agreements or obligations to issue or agreements or other rights to convert or
exchange any obligation or security into, capital stock of CWCO, except as described in the
Registration Statement, the Disclosure Package or the Prospectus, or securities convertible into or
exchangeable for capital stock of CWCO, except as described in the Registration Statement, the
Disclosure Package or the Prospectus or the grant of options after the date of the Registration
Statement, the Disclosure Package or the Prospectus under option plans of CWCO. The information in
the Registration Statement, the Disclosure Package or the Prospectus, insofar as it relates to all
outstanding options and other rights to acquire securities of CWCO as of the dates referred to in
the Registration Statement, the Disclosure Package or the Prospectus, is true and correct in all
material respects.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;When the Shares have been duly delivered against payment therefor as contemplated by this
Agreement, the Shares will be validly issued, fully paid and non-assessable, and the holders
thereof will not be subject to personal liability solely by reason of being such holders. The
certificates representing the Shares are in proper legal form under, and conform in all respects to
the requirements of, the laws of the Cayman Islands. Neither the filing of the Registration
Statement, the Disclosure Package or the Prospectus, nor the offering or sale of Shares as
contemplated by this Agreement, gives any security holder of CWCO any rights for or relating to the
registration of any Ordinary Shares or any other capital stock of CWCO or any rights to convert or
have redeemed or otherwise receive anything of value with respect to any other security of CWCO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;No consent, approval, authorization, order, registration, license or permit of, or filing
or registration with, any court, government, governmental agency, instrumentality or other
regulatory body or official is required for the valid and legal execution, delivery and performance
by CWCO of this Agreement and the consummation of the transactions contemplated hereby or described
in the Registration Statement, the Disclosure Package or the Prospectus, except (i)&nbsp;such as may be
required for the registration of the Shares under the Act, the Exchange Act, and for compliance
with the applicable state securities laws or the Bylaws, rules and other pronouncements of the NASD
and (ii)&nbsp;as disclosed in the Registration Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The Ordinary Shares (including the Shares) are registered pursuant to Section 12(g) of the
Exchange Act. The issued and outstanding Ordinary Shares are included for quotation on The Nasdaq
Global Select Market. Neither CWCO nor, to the knowledge of CWCO, any other person has taken any
action designed to cause, or likely to result in, the termination of the registration of the
Ordinary Shares under the Exchange Act. CWCO has not received any notification that the SEC or The
Nasdaq Global Select Market is contemplating terminating such registration or quotation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;The statements in the Registration Statement, the Disclosure Package or the Prospectus,
insofar as they are descriptions of or references to contracts, agreements or other documents, are
accurate in all material respects and present or summarize fairly, in all material respects, the
information required to be disclosed under the Act or the Regulations, and there are no contracts,
agreements or other documents, instruments or transactions of any character required to be
described or referred to in the Registration Statement or Prospectus or to be filed as exhibits to
the Registration Statement that have not been so described, referred to or filed, as required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Each contract or other instrument (however characterized or described) to which each
member of the CWCO Group is a party or by which any of their respective properties or businesses is
bound or affected and which is material to the conduct of the CWCO Group&#146;s business has been (i)
duly and validly executed by the respective member of the CWCO Group and, (ii)&nbsp;to the knowledge of
CWCO, by the other parties thereto. Each such contract or other instrument is in full force and
effect and is enforceable in all material respects against the parties thereto in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency or other similar laws
affecting the enforcement of creditors&#146; rights generally and subject to applicability of general
principles of equity, and no member of the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CWCO Group is, and to the knowledge of CWCO, no other party thereto is, in default thereunder,
except where such default would not have a material adverse effect on the Business Conditions of
the CWCO Group, and no event has occurred that, with the lapse of time or the giving of notice, or
both, would constitute a default under any such contract or other instrument. All necessary
consents under such contracts or other instruments to the disclosure in the Registration Statement,
the Disclosure Package or the Prospectus with respect thereto have been obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;The consolidated financial statements of CWCO (including the notes thereto) filed as part
of, or incorporated by reference in, the Registration Statement, the Disclosure Package or the
Prospectus present fairly, in all material respects, the financial position of CWCO as of the
respective dates thereof, and the results of operations and cash flows of CWCO for the periods
indicated therein, all in conformity with generally accepted accounting principles. The supporting
notes included in the Registration Statement, the Disclosure Package or the Prospectus fairly state
in all material respects the information required to be stated therein in relation to the financial
statements taken as a whole. The financial information included in the Registration Statement, the
Disclosure Package or the Prospectus under the captions &#147;Prospectus Summary &#151; Summary Financial
Data,&#148; &#147;Use of Proceeds,&#148; &#147;Capitalization,&#148; &#147;Dilution&#148; and &#147;Selected Consolidated Financial Data,&#148;
presents fairly the information shown therein and has been compiled on a basis consistent with that
of the financial statements incorporated by reference in the Registration Statement, the Disclosure
Package or the Prospectus. The unaudited pro forma adjustments to financial information included
in the Registration Statement, the Disclosure Package or the Prospectus have been properly applied
to the historical amounts in the compilation of that information to reflect the sale by CWCO of the
Shares offered thereby at an assumed offering or actual price set forth in the Registration
Statement, the Disclosure Package or the Prospectus, as the case may be, and the application of the
estimated net proceeds therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The consolidated financial statements of OCBVI (including the notes thereto) filed as part
of, or incorporated by reference in, the Registration Statement, the Disclosure Package or the
Prospectus present fairly, in all material respects, the financial position of OCBVI as of the
respective dates thereof, and the results of operations and cash flows of OCBVI for the periods
indicated therein, all in conformity with generally accepted accounting principles. The supporting
notes included in the Registration Statement, the Disclosure Package or the Prospectus fairly state
in all material respects the information required to be stated therein in relation to the financial
statements taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;Since the respective dates as of which information is given in the Registration Statement,
the Disclosure Package or the Prospectus, except as otherwise stated therein, there has not been
(i)&nbsp;any material adverse change (including, whether or not insured against, any material loss or
damage to any material assets), or development involving a prospective material adverse change, in
the Business Conditions of the CWCO Group; (ii)&nbsp;any material adverse change, loss, reduction,
termination or non-renewal of any material contract to which a member of the CWCO Group is a party;
(iii)&nbsp;any transaction entered into by a member of the CWCO Group not in the ordinary course of its
business that is material to the CWCO Group; (iv)&nbsp;any dividend or distribution of any kind
declared, paid or made by CWCO on its capital stock; (v)&nbsp;any liabilities or obligations, direct or
indirect, incurred by any member of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CWCO Group that are material to the CWCO Group other than the issuance of shares pursuant to
the exercise of options or the grant of options under CWCO&#146;s stock option plans; (vi)&nbsp;any change in
the capitalization of any member of the CWCO Group; or (vii)&nbsp;any change in the indebtedness of any
member of the CWCO Group that is material to the CWCO Group. The members of the CWCO Group have no
contingent liabilities or obligations that are material to the CWCO Group that are not expressly
disclosed in the Registration Statement, the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;CWCO has not distributed, and will not distribute, any offering material in connection
with the offering and sale of the Shares other than the Registration Statement, a Preliminary
Prospectus, the Disclosure Package and the Prospectus. Except for the letter agreement dated
September&nbsp;8, 2006 between CWCO and Janney Montgomery Scott LLC and this Agreement, neither CWCO
nor any of its officers, directors or affiliates has (i)&nbsp;taken, nor shall CWCO or such persons
take, directly or indirectly, any action designed to, or that might be reasonably expected to,
cause or result in stabilization or manipulation of the price of the Ordinary Shares, or (ii)&nbsp;since
the filing of the Registration Statement (A)&nbsp;sold, bid for, purchased or paid anyone any
compensation for soliciting purchases of, the Shares or (B)&nbsp;paid or agreed to pay to any person any
compensation for soliciting another to purchase any other securities of CWCO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;Each member of the CWCO Group has filed with the appropriate federal, state and local
governmental agencies, and all foreign countries and political subdivisions thereof, all material
tax returns that are required to be filed or have duly obtained extensions of time for the filing
thereof and have paid all taxes shown on such returns or otherwise due and all material assessments
received by them to the extent that the same have become due. Each member of the CWCO Group has
not executed or filed with any taxing authority, foreign or domestic, any agreement extending the
period for assessment or collection of any income or other tax and none of them is a party to any
pending action or proceeding by any foreign or domestic governmental agency for the assessment or
collection of taxes, and no claims for assessment or collection of taxes have been asserted against
any member of the CWCO Group that might materially adversely affect the Business Conditions of the
CWCO Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;To the knowledge of CWCO, (i)&nbsp;Rachlin, Cohen &#038; Holtz (&#147;Rachlin&#148;), which has given its
report on certain financial statements included, or incorporated by reference, as part of the
Registration Statement, the Disclosure Package or the Prospectus, is a firm of independent
certified public accountants as required by the Act and the Regulations with respect to CWCO, and
(ii)&nbsp;KPMG Cayman Islands (&#147;KPMG&#148;), which has given its report on certain financial statements
included, or incorporated by reference as part of the Registration Statement, the Disclosure
Package or the Prospectus, is a firm of independent certified public accountants as required by the
Act and the Regulations with respect to CWCO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;No member of the CWCO Group is in violation of, or in default under, any of the terms or
provisions of (i)&nbsp;its governing instruments and (ii)&nbsp;except where any such default would not
reasonably be expected to have a material adverse effect on the Business Conditions of the CWCO
Group, (A)&nbsp;any indenture, mortgage, deed of trust, contract, commitment or other agreement or
instrument to which it is a party or by which it or any of its assets or properties is bound or
affected, (B)&nbsp;any law, rule, regulation, judgment, order or decree
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of any government or governmental agency, instrumentality or court, domestic or foreign,
having jurisdiction over it or any of its properties or business, or (C)&nbsp;any license, permit,
certification, registration, approval, consent or franchise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;Except as expressly disclosed in the Registration Statement, the Disclosure Package or
the Prospectus, there are no claims, actions, suits, protests, proceedings, arbitrations,
investigations or inquiries pending before, or, to the knowledge of CWCO, threatened or
contemplated by, any governmental agency, instrumentality, court or tribunal, domestic or foreign,
or before any private arbitration tribunal to which any member of the CWCO Group is or may be made
a party that could reasonably be expected to affect the validity of any of the outstanding Ordinary
Shares, or that, if determined adversely to any member of the CWCO Group would, in any case or in
the aggregate, result in any material adverse change in the Business Conditions of the CWCO Group,
nor, to the knowledge of CWCO, is there any reasonable basis for any such claim, action, suit,
protest, proceeding, arbitration, investigation or inquiry. There are no outstanding orders,
judgments or decrees of any court, governmental agency, instrumentality or other tribunal enjoining
any member of the CWCO Group from, or requiring any member of the CWCO Group to take or refrain
from taking, any action, or to which any member of the CWCO Group or their properties, assets or
businesses are bound or subject, except for such orders, judgments or decrees which would not have
a material adverse effect on the Business Conditions of the CWCO Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;Each member of the CWCO Group owns, or possesses adequate rights to use, or can acquire
on reasonable terms, all patents, patent applications, trademarks, trademark registrations,
applications for trademark registration, trade names, service marks, licenses, inventions,
copyrights, know-how (including any unpatented and/or unpatentable proprietary or confidential
technology, information, systems, design methodologies and devices or procedures developed or
derived from or for each member of the CWCO Groups&#146;s business), trade secrets, confidential
information, processes and formulations and other proprietary information necessary for, used in,
or proposed to be used in, the conduct of the business of the CWCO Group as described in the
Registration Statement, the Disclosure Package or the Prospectus (collectively, the &#147;Intellectual
Property&#148;), except where the failure to own or possess or otherwise be able to acquire such
Intellectual Property would not have a material adverse effect on the Business Conditions of the
CWCO Group. To the knowledge of CWCO, no member of the CWCO Group has infringed, is infringing or
has received any notice of conflict with, the asserted rights of others with respect to the
Intellectual Property that, individually or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, could materially adversely affect the Business Conditions of the CWCO
Group, and CWCO knows of no reasonable basis therefor. To the knowledge of CWCO, no other parties
have infringed upon or are in conflict with any Intellectual Property. No member of the CWCO Group
is a party to, or bound by, any agreement pursuant to which royalties, honorariums or fees are
payable by any member of the CWCO Group to any person by reason of the ownership or use of any
Intellectual Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;Each member of the CWCO Group has good and marketable title to all property described in
the Registration Statement, the Disclosure Package or the Prospectus as being owned by it, free and
clear of all liens, security interests, charges or encumbrances and the like, except such as are
expressly described or referred to in the Registration Statement, the Disclosure Package or the
Prospectus or such as do not materially adversely affect the Business
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conditions or the conduct of the business of the CWCO Group, as described in the Registration
Statement, the Disclosure Package or the Prospectus. Each member of the CWCO Group has insured its
property against loss or damage by fire, hurricane or other casualty, in amounts reasonably
believed by CWCO to be adequate, and maintains insurance against such other risks as management of
CWCO deems appropriate. All real and personal property leased by each member of the CWCO Group, as
described or referred to in the Registration Statement, the Disclosure Package or the Prospectus,
is held by the respective member of the CWCO Group under valid and enforceable leases, except where
the invalidity or unenforceability of any lease would not have a material adverse effect on the
Business Conditions of the CWCO Group. The executive offices and facilities of the CWCO Group (the
&#147;Premises&#148;), and all operations presently or formerly conducted thereon by the CWCO Group or any
predecessors thereof, are now and, since the CWCO Group began to use such Premises, always have
been and, to the knowledge of CWCO prior to when the CWCO Group began to use such Premises, always
had been, in compliance with all statutes, ordinances, regulations, rules, standards and
requirements of common law applicable to the areas in which the CWCO Group provide service
concerning or relating to industrial hygiene and the protection of health and the environment
(collectively, the &#147;Environmental Laws&#148;), except to the extent that any failure in such compliance
would not materially adversely affect the Business Conditions of the CWCO Group. To the knowledge
of CWCO, the facilities of the CWCO Group produce water of sufficient quality and quantity to
supply the current and planned customers and service areas of the CWCO Group, and are not subject
to any restriction on water processing under any law, regulation, rule, order or permit, except as
expressly described in the Registration Statement, the Disclosure Package or the Prospectus and
such as do not materially adversely affect the Business Conditions or the conduct of the business
of the CWCO Group. To the knowledge of CWCO, there are no conditions on, about, beneath or arising
from the Premises, in close proximity to the Premises or at any other location that might give rise
to liability or the imposition of a statutory lien under any of the Environmental Laws, or affect
the quality of the water processed by the CWCO Group, and that would materially adversely affect
the Business Conditions of the CWCO Group, except as described in the Registration Statement, the
Disclosure Package or the Prospectus. Except as expressly disclosed in the Registration Statement,
the Disclosure Package or the Prospectus, or which will not materially adversely affect the
Business Conditions of the CWCO Group (i)&nbsp;no member of the CWCO Group has received notice or has
knowledge of any claim, demand, investigation, regulatory action, suit or other action instituted
or threatened against the CWCO Group or any portion of the Premises or any parcel in close
proximity to the Premises relating to any of the Environmental Laws and (ii)&nbsp;no member of the CWCO
Group has received any notice of material violation, citation, complaint, order, directive, request
for information or response thereto, notice letter, demand letter or compliance schedule to or from
any governmental or regulatory agency arising out of or in connection with &#147;hazardous substances&#148;
(as defined by applicable Environmental Laws) on, about, beneath, arising from or generated at the
Premises, near the Premises or at any other location.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;Each member of the CWCO Group maintains a system of internal accounting controls
sufficient to provide reasonable assurances that: (i)&nbsp;transactions are executed in accordance with
management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary in
order to permit preparation of financial statements in accordance with generally accepted
accounting principles and to maintain accountability for assets; (iii)&nbsp;access to assets is
permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;CWCO is in compliance with all currently effective provisions of the Sarbanes-Oxley Act
of 2002 and the rules and regulations promulgated thereunder that are applicable, or will be
applicable as of the Closing Date, to CWCO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;Each member of the CWCO Group and their respective affiliates (the &#147;Employers&#148;) have
established, maintain, contribute to, are required to contribute to, are a party to, or are bound
by contractual commitments with respect to, certain pension, retirement, or profit-sharing plans,
deferred compensation, bonus, or other incentive plans, or medical, vision, dental, or other health
and welfare benefit plans, or life insurance or disability plans, or any other employee benefit
plans, programs, arrangements, agreements, or understandings (the &#147;Plans&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each of the Plans:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The terms of each of the Plans are in writing, and each of the Plans has been maintained
and administered in accordance with its terms and any applicable collective bargaining agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Each of the Plans has been maintained and administered in compliance with all
regulations, rules, standards and requirements of the common law and the laws concerning the
establishment, funding, taxation and administration of such Plans of the Cayman Islands, The
Bahamas, Belize, Barbados and the British Virgin Islands, including without limitation any such
laws governing the conduct of the trustees, fiduciaries or administrators of such Plans
(collectively, the &#147;Employee Benefits Laws&#148;) except to the extent any failure in such compliance
would not adversely affect the Business Conditions of the CWCO Group. None of the Plans are
subject to the Employee Retirement Income Security Act of 1974 as amended (&#147;ERISA&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;None of the Plans is a defined benefit pension plan, under which the Employer is
obligated to fund, or contribute to the funding of, the payment of a defined retirement benefit
based on an employee&#146;s accumulated compensation, service or other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;None of the Plans provides retiree life or retiree health insurance, except as may be
required by applicable Employee Benefits laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;There are no actions, suits or claims (other than routine claims for benefits in the
ordinary course) pending or, to the knowledge of CWCO, threatened, and to CWCO&#146;s best knowledge,
there are no facts which could give rise to any such actions, suits or claims (other than routine
claims for benefits in the ordinary course) related to the Plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;All contributions and/or insurance premiums required to be paid as of the Closing Date by
the Employers with respect to such Plans have been paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;The Employers have made all disclosures to participants and governmental authorities,
including tax filings as applicable, with respect to such Plans as may be required by applicable
Employee Benefits law.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;No labor dispute exists with the Employer&#146;s employees, and to the knowledge of CWCO, no
such labor dispute is threatened. CWCO has no knowledge of any existing or threatened labor
disturbance by the employees of any of the principal suppliers, contractors or customers of the
CWCO Group that would materially adversely affect the Business Conditions of the CWCO Group. None
of the Employer&#146;s employees is covered by a collective bargaining agreement and no union organizing
activity exists with respect to any of such employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;There are no contracts, agreements or understandings between any member of the CWCO Group
and/or any person that would give rise to a valid claim against any member of the CWCO Group and/or
any of the Underwriters for a brokerage commission, finder&#146;s fee or other like payment in
connection with the transactions contemplated herein, the Registration Statement, the Disclosure
Package and the Prospectus or in any contracts, agreements, understandings, payments, arrangements
or issuances with respect to the CWCO Group or, to the knowledge of the CWCO Group, any of its
officers, directors, stockholders, employees or affiliates that may affect the Underwriters&#146;
compensation as determined by the NASD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;CWCO is not, and after giving effect to the offering and sale of the Shares and the
application of the proceeds therefor described in the Registration Statement, Disclosure Package or
the Prospectus will not be, an &#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment
company,&#148; as such terms are defined in the Investment Company Act of 1940, as amended. None of the
CWCO Subsidiaries is an &#147;investment company&#148; as defined in the Investment Company Act of 1940, as
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;The Company is not a &#147;passive foreign investment company&#148; (&#147;PFIC&#148;) as defined in Section
1297 of the United States Internal Revenue Code and based on current operating plans and financial
projections the Company is not likely to become a PFIC as a result of the offer and sale of the
Shares or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;Each member of the CWCO Group has received all permits, licenses, franchises,
authorizations, registrations, qualifications and approvals (collectively, &#147;Permits&#148;) of
governmental or regulatory authorities as may be required of them to own their properties and
conduct their businesses in the manner described in the Registration Statement, the Disclosure
Package or the Prospectus, subject to such qualifications as may be set forth in the Prospectus,
except to the extent that failure to receive such Permits would not have a material adverse effect
on the Business Conditions of the CWCO Group; and each member of the CWCO Group has fulfilled and
performed all of their material obligations with respect to such Permits, and no event has occurred
which allows or, after notice or lapse of time or both, would allow revocation or termination
thereof or result in any other material impairment of the rights of the holder of any such Permit,
subject in each case to such qualifications as may be set forth in the Registration Statement, the
Disclosure Package and the Prospectus; and, except as described in the Registration Statement, the
Disclosure Package or the Prospectus, such Permits contain no restrictions that materially affect
the ability of any member of the CWCO Group to conduct their businesses.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;No statement, representation, warranty or covenant made by CWCO in this Agreement or in
any certificate or document required by this Agreement to be delivered to the Representatives is,
or as of the Closing Date or any Option Closing Date will be, inaccurate, untrue or incorrect in
any material respect. No transaction has occurred or is proposed between or among CWCO and any of
its officers, directors or shareholders or any affiliate of the foregoing, or any affiliate of the
foregoing that is required to be described in and is not described in the Registration Statement,
the Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;No member of the CWCO Group or any officer, director, employee, partner, agent or other
person acting on behalf of any member of the CWCO Group has, directly or indirectly, given or
agreed to give any money, property or similar benefit or consideration to any customer or supplier
(including any employee or agent of any customer or supplier) or official or employee of any agency
or instrumentality of any government (foreign or domestic) or political party or candidate for
office (foreign or domestic) or any other person who was, is or in the future may be in a position
to affect the Business Conditions of the CWCO Group, or any actual or proposed business transaction
of any member of the CWCO Group, as the case may be that (i)&nbsp;could subject any member of the CWCO
Group to any liability (including, but not limited to, the payment of monetary damages) or penalty
in any civil, criminal or governmental action or proceeding that would have a material adverse
effect on the Business Conditions of the CWCO Group, or (ii)&nbsp;with respect to any member of the CWCO
Group or any officer or director thereof, violates any law, rule or regulation to which any member
of the CWCO Group is subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;CWCO&#146;s board of directors has validly appointed an audit committee whose composition
satisfies the requirements of the Exchange Act, the rules and regulations of the SEC adopted
thereunder and Rules&nbsp;4200 and 4350 of the NASD that are applicable as of the Closing Date. CWCO&#146;s
audit committee has adopted a charter that satisfies the Exchange Act, the rules and regulations of
the SEC adopted thereunder and Rules&nbsp;4200 and 4350 of the NASD that are applicable as of the
Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;At the time of filing the Registration Statement and as of the date of the execution and
delivery of this Agreement (with such date being used as the determination date for purposes
hereof), CWCO was not and is not an Ineligible Issuer (as defined in Rule&nbsp;405 of the Act), without
taking account of any determination by the SEC pursuant to Rule&nbsp;405 of the Act that it is not
necessary that CWCO be considered an Ineligible Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;No statement, representation, warranty or covenant made by CWCO in this Agreement or in
any certificate or document required by this Agreement to be delivered to the Representatives is,
or as of the Closing Date or any Option Closing Date will be, inaccurate, untrue or incorrect in
any material respect. No relationship, direct or indirect, exists between or among any member of
the CWCO Group, on the one hand, and the directors, officers, stockholders, customers or suppliers
of any member of the CWCO Group, on the other hand, which is required to be described in the
Registration Statement, the Disclosure Package or the Prospectus and which is not so described.
There are no outstanding loans, advances or guarantees of indebtedness by any member of the CWCO
Group to or for the benefit of any of the officers or directors of any member of the CWCO Group or
any of their respective immediate family members, except as disclosed in the Registration
Statement, the Disclosure Package or the Prospectus.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;The Registration Statement, the Disclosure Package, the Prospectus and any Preliminary
Prospectus comply, and any further amendments or supplements thereto will comply, with any
applicable laws or regulations of foreign jurisdictions in which the Registration Statement, the
Disclosure Package, the Prospectus or any Preliminary Prospectus, as amended or supplemented, if
applicable, are distributed. No authorization, approval, consent, order, registration or
qualification of or with any court or governmental or regulatory authority, other than such as has
been obtained, is required under the securities laws and regulations of foreign jurisdictions in
which the Shares are offered outside the United States. Neither CWCO nor, to the knowledge of
CWCO, any other person associated with or acting on behalf of CWCO, including without limitation
any director, officer, agent or employee of CWCO, has offered or caused the Underwriters to offer
any of the Shares to any person with the specific intent to unlawfully influence a customer,
supplier or other business associate of CWCO to alter the customer&#146;s, supplier&#146;s or other such
person&#146;s level or type of business with CWCO or a trade journalist or publication to write or
publish favorable information about CWCO or its products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;Any certificate signed by any officer of any member of the CWCO Group in such capacity
and delivered to the Representatives or to counsel for the Underwriters pursuant to this Agreement
shall be deemed a representation and warranty by the applicable member of the CWCO Group to the
several Underwriters as to the matters covered thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;</B><U><B>Purchase and Sale of Firm Shares</B></U><B>. </B>On the basis of the representations, warranties,
covenants and agreements contained herein, but subject to the terms and conditions set forth
herein, CWCO shall sell the Firm Shares to the several Underwriters at the Offering Price less the
Underwriting Discounts and Commissions shown on the cover page of the Prospectus, and the
Underwriters, severally and not jointly, shall purchase from CWCO on a firm commitment basis, at
the Offering Price less the Underwriting Discounts and Commissions shown on the cover page of the
Prospectus, the respective amounts of the Firm Shares set forth opposite their names on
<U>Schedule&nbsp;I</U> hereto. Except as provided in Sections&nbsp;4 and 12 hereof, the agreement of each
Underwriter is to purchase only that number of Shares specified with respect to that Underwriter in
<U>Schedule&nbsp;I</U> hereto. The Underwriters shall offer the Shares to the public as set forth in
the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;</B><U><B>Payment and Delivery</B></U><B>. </B>The Firm Shares shall be issued in the form of one or more
fully registered global securities (the &#147;Global Securities&#148;) in book-entry form in such
denominations and registered in the name of the nominee of The Depository Trust Company (&#147;DTC&#148;) or
in such names as the Representatives may request upon at least 48 hours&#146; prior notice to CWCO, and
shall be delivered by or on behalf of CWCO to the Representatives for the account of such
Underwriter, against payment by such Underwriter on its behalf of the purchase price therefor by
wire transfer of immediately available funds to such accounts as CWCO shall designate in writing
(with all costs and expenses incurred by the Underwriters in connection with such settlement in
immediately available funds, including, but not limited to, interest or cost of funds and expenses,
to be borne by CWCO). The closing of the sale and purchase of the Firm Shares shall be held at the
offices of Ballard Spahr Andrews &#038; Ingersoll, LLP, 1735 Market Street, Philadelphia, Pennsylvania
for the respective accounts of the Underwriters. Such payment and delivery will be made at 10:00
a.m., Philadelphia, Pennsylvania time, on the third business day after the date of this Agreement,
or at such other time on the same or such other date, not later than seven business days thereafter
as shall be designated in writing by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Representatives. Such time and date are referred to herein as the &#147;Closing Date.&#148; CWCO shall
make the Global Securities representing the Firm Shares available for examination by the
Representatives and counsel for the Underwriters at the Philadelphia correspondent office of CWCO&#146;s
transfer agent not less than one full business day prior to the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. </B><U><B>Option to Purchase Optional Shares</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;For the purposes of covering any over-allotments in connection with the distribution and
sale of the Firm Shares as contemplated by the Prospectus, subject to the terms and conditions
herein set forth, the several Underwriters are hereby granted an option by CWCO to purchase all or
any part of the Optional Shares (the &#147;Over-allotment Option&#148;). The purchase price to be paid for
the Optional Shares shall be the Offering Price less the Underwriting Discounts and Commissions
shown on the cover page of the Prospectus. The Over-allotment Option granted hereby may be
exercised by the Representatives on behalf of the several Underwriters as to all or any part of the
Optional Shares at any time and from time to time within 30&nbsp;days after the date of the Prospectus.
No Underwriter shall be under any obligation to purchase any Optional Shares prior to an exercise
of the Over-allotment Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Over-allotment Option granted hereby may be exercised by the Representatives on behalf
of the several Underwriters by giving notice to CWCO by a letter sent by facsimile (such notice to
be effective when received), addressed as provided in Section&nbsp;14 hereof, setting forth the number
of Optional Shares to be purchased, the date and time for delivery of and payment for the Optional
Shares and stating that the Optional Shares referred to therein are to be used for the purpose of
covering over-allotments in connection with the distribution and sale of the Firm Shares. If such
notice is given at least two full business days prior to the Closing Date, the date set forth
therein for such delivery and payment shall be not earlier than the Closing Date. If such notice
is given after two full business days prior to the Closing Date, the date set forth therein for
such delivery and payment shall be a date selected by the Representatives not later than five full
business days after the exercise of the Over-allotment Option. The date and time set forth in such
a notice is referred to herein as an &#147;Option Closing Date,&#148; and a closing held pursuant to such a
notice is referred to herein as an &#147;Option Closing.&#148; Upon each exercise of the Over-allotment
Option, and on the basis of the representations, warranties, covenants and agreements herein
contained, and subject to the terms and conditions herein set forth, the several Underwriters shall
become severally, but not jointly, obligated to purchase from CWCO the number of Optional Shares
specified in each notice of exercise of the Over-allotment Option (allocated among them in
accordance with Section 4(c) hereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The number of Optional Shares to be purchased by each Underwriter pursuant to each
exercise of the Over-allotment Option shall be the number that bears the same ratio to the
aggregate number of Optional Shares being purchased through such Over-allotment Option exercise as
the number of Firm Shares opposite the name of such Underwriter in <U>Schedule&nbsp;I</U> hereto bears
to the total number of all Firm Shares. Notwithstanding the foregoing, the number of Optional
Shares purchased and sold pursuant to each exercise of the Over-allotment Option shall be subject
to such adjustment as the Representatives may approve to eliminate fractional shares and subject to
the provisions for the allocation of Optional Shares purchased for the purpose of covering
over-allotments set forth in the agreement entered into by and among the Underwriters in connection
herewith (the &#147;Agreement Among Underwriters&#148;).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Optional Shares shall be issued in the form of one or more Global Securities in
book-entry form in such denominations and registered in the name of the nominee of DTC or in such
names as the Representatives may request upon at least 48 hours&#146; prior notice to CWCO, and shall be
delivered by or on behalf of CWCO to the Representatives for the account of such Underwriter,
against payment by such Underwriter on its behalf of the purchase price therefor by wire transfer
of immediately available funds to such accounts as CWCO shall designate in writing (with all costs
and expenses incurred by the Underwriters in connection with such settlement in immediately
available funds, including, but not limited to, interest or cost of funds and expenses, to be borne
by CWCO). The closing of the sale and purchase of the Optional Shares shall be held at the offices
of Ballard Spahr Andrews &#038; Ingersoll, LLP, 1735 Market Street, Philadelphia, Pennsylvania for the
respective accounts of the Underwriters. Such payment and delivery will be made at 10:00&nbsp;a.m.,
Philadelphia, Pennsylvania time, on the Option Closing Date. CWCO shall make the Global Securities
representing the Optional Shares available for examination by the Representatives and counsel for
the Underwriters at the Philadelphia correspondent office of CWCO&#146;s transfer agent not less than
one full business day prior to the Option Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;</B><U><B>Certain Covenants and Agreements of CWCO</B></U><B>. </B>CWCO covenants and agrees with the
several Underwriters as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If Rule&nbsp;430A of the Regulations is employed, CWCO will timely file the Prospectus pursuant
to and in compliance with Rule 424(b) of the Regulations and will advise the Representatives of the
time and manner of such filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;CWCO will not file with the SEC the Prospectus, any amendment or supplement to the
Prospectus or any amendment to the Registration Statement or the Disclosure Package, and will not
use, authorize, refer to or file any Issuer Free Writing Prospectus, unless the Representatives has
received a reasonable period of time to review any such proposed amendment, supplement or Issuer
Free Writing Prospectus and consented thereto, such consent not to be unreasonably withheld, and,
as to amendments, will use its reasonable best efforts to cause any such amendment to the
Registration Statement to be declared effective as promptly as possible. Upon reasonable request
of the Representatives or counsel for the Underwriters, CWCO will promptly prepare and file with
the SEC, in accordance with the Regulations of the SEC, any amendments to the Registration
Statement or amendments or supplements to the Prospectus or the Disclosure Package that may be
necessary or advisable in connection with the distribution of the Shares by the several
Underwriters and will use their reasonable best efforts to cause any such amendment to the
Registration Statement to be declared effective as promptly as possible. If required, CWCO will
file any amendment or supplement to the Prospectus or the Disclosure Package with the SEC in the
manner and within the time period required by Rule 424(b) or Rule&nbsp;433 under the Act. CWCO will
advise the Representatives, promptly after receiving notice thereof, of the time when the
Registration Statement or any amendment thereof has been filed or declared effective or the
Prospectus or the Disclosure Package or any amendment or supplement thereto has been filed and will
provide evidence to the Representatives of each filing or effectiveness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;CWCO will advise the Representatives immediately, and confirm such advice in writing, (i)
when any post-effective amendment to the Registration Statement is filed
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the SEC under Rule 462(c) under the Act or otherwise, (ii)&nbsp;when any Rule 462(b)
Registration Statement is filed, (iii)&nbsp;of the receipt of any comments from the SEC concerning the
Registration Statement, (iv)&nbsp;when any post-effective amendment to the Registration Statement
becomes effective, or when any supplement to the Prospectus or the Disclosure Package or any
amended Prospectus or Disclosure Package has been filed, (v)&nbsp;of any request of the SEC for
amendment or supplementation of the Registration Statement, the Disclosure Package or the
Prospectus or for additional information, (vi)&nbsp;during the period when a Prospectus is required to
be delivered under the Act and Regulations (the &#147;Prospectus Delivery Period&#148;), of the happening of
any event as a result of which any Prospectus would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein not misleading, (vii)
during the Prospectus Delivery Period, of the need to amend the Registration Statement or
supplement the Prospectus to comply with the Act, (viii)&nbsp;of the issuance by the SEC of any stop
order suspending the effectiveness of the Registration Statement or of any order preventing or
suspending the use of any Preliminary Prospectus or the Prospectus, and (ix)&nbsp;of the suspension of
the approval of the Shares for quotation on The Nasdaq Global Select Market or the qualification of
any of the Shares for offering or sale in any jurisdiction in which the Underwriters intend to make
such offers or sales, or the initiation or threatening of any proceedings for any of such purposes
known to CWCO. CWCO will use its best efforts to prevent the issuance of any such stop order or of
any order preventing or suspending such use, and if any such order is issued, to obtain as soon as
possible the lifting thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;CWCO has delivered to the Representatives, without charge, as many copies of each
Preliminary Prospectus as the Representatives have reasonably requested. CWCO will deliver to the
Representatives, without charge, the Registration Statement, the Disclosure Package and the
Prospectus, and any supplements and amendments thereto, from time to time during the Prospectus
Delivery Period, such number of copies of the Prospectus (as supplemented or amended) as the
Representatives may reasonably request. CWCO hereby consents to the use of such copies of the
Disclosure Package and the Prospectus for purposes permitted by the Act, the Regulations and the
securities laws of the states or foreign jurisdictions in which the Shares are offered by the
several Underwriters and by all dealers to whom Shares may be sold, both in connection with the
offering and sale of the Shares and during the Prospectus Delivery Period. CWCO has furnished or
will furnish to the Representatives at least one original signed copy of the Registration Statement
as originally filed and of all amendments and supplements thereto, whether filed before or after
the Effective Date, at least one copy of all exhibits filed therewith and of all consents and
certificates of experts, and will deliver to the Representatives such number of conformed copies of
the Registration Statement, including financial statements and exhibits, and all amendments
thereto, as the Representatives may reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;CWCO will comply with the Act, the Regulations, the Exchange Act and the rules and
regulations of the SEC adopted thereunder so as to permit the continuation of sales of and dealings
in the Shares for as long as may be necessary to complete the distribution of the Shares as
contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;CWCO will furnish such information and pay such filing fees and other expenses as may be
required, including its counsel&#146;s reasonable legal fees and otherwise cooperate in the registration
or qualification of the Shares, or exemption therefrom, for offering
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and sale by the several Underwriters and by dealers under the securities laws of such
jurisdictions in which the Representatives determine to offer the Shares, after consultation with
CWCO, and will file such consents to service of process or other documents necessary or appropriate
in order to effect such registration or qualification; provided, however, that no such
qualification shall be required in any jurisdiction where, solely as a result thereof, CWCO would
be subject to taxation or qualification as a foreign corporation doing business in such
jurisdiction where it is not now so qualified or to take any action which would subject it to
service of process in suits, other than those arising out of the offering or sale of the Shares, in
any jurisdiction where it is not now so subject. CWCO will, from time to time, prepare and file
such statements and reports as are or may be required to continue such qualification in effect for
so long a period as is required under the laws of such jurisdictions for such offering and sale.
CWCO will furnish such information and pay such filing fees and other expenses as may be required,
and otherwise cooperate in the inclusion of the Shares for quotation on The Nasdaq Global Select
Market. CWCO will, from time to time, prepare and file such statements and reports as are or may
be required to continue such qualification in effect for a period of three years from the Effective
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Subject to Section 5(b) hereof, in case of any event (occurring at any time within the
Prospectus Delivery Period), as a result of which the Disclosure Package or the Prospectus, as then
amended or supplemented, would contain, in the opinion of counsel for the Underwriters, an untrue
statement of a material fact, or omit to state any material fact necessary in order to make the
statements therein not misleading, or, if it is necessary at any time to amend the Disclosure
Package or the Prospectus to comply with the Act or the Regulations or any applicable securities
laws, CWCO promptly will prepare and file with the SEC, and any applicable state and foreign
securities commission, an amendment, supplement or document that will correct such statement or
omission or effect such compliance and will furnish to the several Underwriters such number of
copies of such amendments, supplements or documents (in form and substance satisfactory to the
Representatives and counsel for the Underwriters) as the Representatives may reasonably request.
For purposes of this Section&nbsp;5(g), CWCO will provide such information to the Representatives, the
Underwriters&#146; counsel and counsel to CWCO as shall be necessary to enable such persons to consult
with CWCO with respect to the need to amend or supplement the Disclosure Package or the Prospectus
or to file any document, and shall furnish to the Representatives and the Underwriters&#146; counsel
such further information as each may from time to time reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;CWCO agrees that, unless it obtains the prior written consent of the Representatives, it
will not make any offer relating to the Shares that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule&nbsp;405
of the Act) required to be filed by CWCO with the SEC or retained by CWCO under Rule&nbsp;433 of the
Act; provided that the prior written consent of the Representatives hereto shall be deemed to have
been given in respect of the free writing prospectuses included in <U>Schedule&nbsp;II</U> hereto. Any
such free writing prospectus consented to by the Representatives is hereinafter referred to as a
&#147;Permitted Free Writing Prospectus.&#148; CWCO agrees that (i)&nbsp;it has treated and will treat, as the
case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii)
has complied and will comply, as the case may be, with the requirements of Rules&nbsp;164 and 433 of the
Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with
the SEC, legending and record keeping.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;CWCO will make generally available to its security holders not later than 45&nbsp;days after
the end of the fiscal quarter first occurring after the first anniversary of the Effective Date, an
earnings statement of CWCO (which need not be audited unless required by the Act or the
Regulations) that shall comply with Section 11(a) of the Act and Rule&nbsp;158 thereunder and cover a
period of at least 12 consecutive months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Prior to the Closing Date, CWCO will issue no press release or other communications
directly or indirectly and hold no press conference with respect to CWCO or the CWCO Group, the
Business Conditions of any of them, or the offering of the Shares without the prior written consent
of the Representatives unless in the judgment of CWCO and its counsel, and after notification to
the Representatives such press release or communication is required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;For a period of three years from the Effective Date, CWCO will deliver to the
Representatives and, upon request, to each of the Underwriters: ((i) a copy of each report or
document, including, without limitation, reports on Forms 6-K, 8-K, 20-F, 10-K and 10-Q (or such
similar forms as may be designated by the SEC), registration statements and any exhibits thereto,
filed or furnished to the SEC or any securities exchange or the NASD, promptly after the date each
such report or document is so filed or furnished; (ii)&nbsp;as soon as practicable, copies of any
reports or communications (financial or other) of CWCO mailed to its security holders; and (iii)
every material press release in respect of CWCO or its affairs that is released or prepared by
CWCO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;During the course of the distribution of the Shares, CWCO and its Subsidiaries will not
and CWCO shall cause its officers and directors not to, (i)&nbsp;take, directly or indirectly, any
action designed to, or that could reasonably be expected to, cause or result in stabilization or
manipulation of the price of the Common Stock or ((ii) sell, bid for, purchase or pay anyone any
compensation for soliciting purchases of, the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;CWCO has caused each person listed on <U>Schedule&nbsp;III</U> hereto to execute an agreement
(a &#147;Lock-up Agreement&#148;) in form and substance satisfactory to the Representatives and the
Underwriters&#146; counsel CWCO has delivered such agreements to the Representatives prior to the date
of this Agreement. Appropriate stop transfer instructions will be issued by CWCO to the transfer
agent for the Ordinary Shares and a copy of such instructions will be delivered to the
Representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;During the period commencing on the date hereof and ending on the 90th day following the
date of the Prospectus, CWCO will not, without the prior written consent of the Representatives
(which consent may be withheld at the sole discretion of the Representatives), directly or
indirectly, sell, offer, contract or grant any option to sell, pledge, transfer or establish an
open &#147;put equivalent position&#148; or liquidate or decrease a &#147;call equivalent position&#148; within the
meaning of Rule&nbsp;16a-1(h) under the Exchange Act, or otherwise dispose of or transfer (or enter into
any transaction which is designed to, or would reasonably be expected to, result in the disposition
of), or announce the offering of, or file any registration statement under the Act in respect of,
any shares of Ordinary Shares, options or warrants to acquire Ordinary Shares or securities
exchangeable or exercisable for or convertible into Ordinary Shares (other than as contemplated by
this Agreement with respect to the Shares); provided, however,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that CWCO may (i)&nbsp;issue Ordinary Shares or options to purchase Ordinary Shares upon exercise
of options, pursuant to any stock option, stock bonus or other stock plan or arrangement described
in the Prospectus, (ii)&nbsp;in connection with a strategic partnership, joint venture, collaboration,
lending or other similar arrangement, or (iii)&nbsp;in connection with the acquisition or license by
CWCO of any business, products or technologies; provided, further, that the shares issuable under
clauses (ii)&nbsp;and (iii)&nbsp;shall not exceed, in the aggregate during such 90-day period, five percent
(5%) of CWCO&#146;s outstanding capital stock measured as of the Closing Date, including the Shares to
be issued and sold hereunder. Notwithstanding the foregoing, if (x)&nbsp;during the last 17&nbsp;days of the
90-day restricted period CWCO issues an earnings release or material news or a material event
relating to CWCO occurs, or (y)&nbsp;prior to the expiration of the 90-day restricted period, CWCO
announces that it will release earnings results during the 16-day period beginning on the last day
of the 90-day period, the restrictions imposed in this clause shall continue to apply until the
expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence
of the material news or material event. CWCO will provide the Representatives with prior notice of
any announcement described in clause (y)&nbsp;of the preceding sentence that gives rise to an extension
of the restricted period; provided, however, that this sentence shall not apply if the research
published or distributed on CWCO is compliant under Rule&nbsp;139 of the Act and CWCO&#146;s securities are
actively traded as defined in Rule&nbsp;101(c)(1) of Regulation&nbsp;M of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;For a period of three years from the Effective Date, CWCO will use all reasonable efforts
to maintain the listing of the Ordinary Shares (including, without limitation, the Shares) on The
Nasdaq Global Select Market or on a national securities exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;CWCO shall, at its sole cost and expense, supply and deliver to the Representatives and
the Underwriters&#146; counsel, within a reasonable period from the Closing Date, transaction binders in
such number and in such form and content as the Representatives reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;CWCO will use the net proceeds from the sale of the Shares to be sold by it hereunder
substantially in accordance with the description set forth in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;</B><U><B>Certain Covenants and Agreement of Underwriters</B></U>. The Underwriters agree that,
unless the Representatives obtain the prior written consent of CWCO, they will not make any offer
relating to the Shares that would constitute a &#147;free writing prospectus&#148; (as defined in Rule&nbsp;405 of
the Act) required to be filed by CWCO with the SEC or retained by CWCO under Rule&nbsp;433 of the Act;
provided that the prior written consent of CWCO shall be deemed to have been given in respect of
the free writing prospectuses included in <U>Schedule&nbsp;II</U> hereto. Any such free writing
prospectus consented to by CWCO is hereinafter deemed to be a Permitted Free Writing Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;</B><U><B>Payment of Fees and Expenses</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Whether or not the transactions contemplated by this Agreement are consummated and
regardless of the reason this Agreement is terminated, CWCO will pay or cause to be paid, and bear
or cause to be borne, all costs and expenses incident to the performance of the obligations of CWCO
under this Agreement, including: (i)&nbsp;the fees and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expenses of the accountants and counsel for CWCO incurred in the preparation of the
Registration Statement and any post-effective amendments thereto (including financial statements
and exhibits), the Disclosure Package, any Preliminary Prospectuses and the Prospectus and any
amendments or supplements thereto; (ii)&nbsp;printing and mailing expenses associated with the
Registration Statement and any post-effective amendments thereto, the Disclosure Package, any
Preliminary Prospectus, the Prospectus, this Agreement, the Agreement Among Underwriters, the
Underwriters&#146; Questionnaire, the power of attorney executed by each of the Underwriters and the
Selected Dealer Agreement and related documents; (iii)&nbsp;the fees, expenses and other costs of, or
incident to, securing any review or approvals by or from the NASD, including the reasonable fees
and expenses of the Underwriters&#146; counsel, provided that the aggregate fees and expenses for
Underwriters&#146; counsel under this clause (iii)&nbsp;shall not exceed $50,000; (iv)&nbsp;the filing fees of the
SEC; (v)&nbsp;the cost of furnishing to the Underwriters copies of the Registration Statement, the
Disclosure Package, any Preliminary Prospectuses and Prospectuses as herein provided; (vi)&nbsp;CWCO&#146;s
travel expenses in connection with meetings with the brokerage community and institutional
investors; (vii)&nbsp;the costs and expenses associated with settlement in same day funds (including,
but not limited to, interest or cost of funds expenses), if desired by CWCO; (viii)&nbsp;any fees or
costs payable to The Nasdaq Global Select Market as a result of the offering; (ix)&nbsp;the cost of
preparing, issuing and delivery to the Underwriters of any certificates evidencing the Shares; (x)
the costs and charges of any transfer agent; (xi)&nbsp;the reasonable costs of advertising the offering;
(xii)&nbsp;all taxes, if any, on the issuance, delivery and transfer of the Shares sold by CWCO; and
(xiii)&nbsp;all other costs and expenses reasonably incident to the performance of CWCO&#146;s obligations
hereunder that are not otherwise specifically provided for in this Section&nbsp;7(a); provided, however,
that the Underwriters shall be responsible for their out-of-pocket expenses, including those
associated with meetings with the brokerage community and institutional investors, other than
CWCO&#146;s travel expenses, and the fees and expenses of their counsel for other than with respect to
NASD matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;CWCO shall pay as due any state or foreign registration, qualification and filing fees and
any accountable out-of-pocket disbursements in connection with such registration, qualification or
filing in the states and foreign jurisdictions in which the Representatives determine to offer or
sell the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;</B><U><B>Conditions of Underwriters&#146; Obligations</B></U><B>. </B>The obligation of each Underwriter to
purchase and pay for the Firm Shares that it has agreed to purchase hereunder on the Closing Date,
and to purchase and pay for any Optional Shares as to which it exercises its right to purchase
under Section&nbsp;4 on an Option Closing Date, is subject at the date hereof, the Closing Date and any
Option Closing Date to the continuing accuracy and fulfillment of the representations and
warranties of CWCO, to the performance by CWCO of its covenants and obligations hereunder, and to
the following additional conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If required by the Regulations, the Prospectus shall have been filed with the SEC pursuant
to Rule 424(b) of the Regulations within the applicable time period prescribed for such filing by
the Regulations, or CWCO shall have filed a post-effective amendment to the Registration Statement
containing the information required by such Rule&nbsp;430A, and such post-effective amendment shall have
become effective. CWCO shall have filed any material required to be filed by CWCO with the SEC in
the manner and within the time period required by Rule
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">433 of the Regulations, including the Issuer Free Writing Prospectus and the Other Free
Writing Prospectus.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If CWCO elects to rely upon Rule&nbsp;462(b), CWCO shall file a Rule 462(b) Registration
Statement with the SEC in compliance with Rule 462(b) by 10:00&nbsp;P.M., Washington, D.C. time, on the
date of this Agreement, and CWCO shall at the time of filing either pay to the SEC the filing fee
for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such
fee pursuant to Rule 111(b) under the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;On or prior to the Closing Date or any Option Closing Date, as the case may be, no stop
order or other order preventing or suspending the effectiveness of the Registration Statement
(including any document incorporated by reference therein), the 462(b) Registration Statement or
any post-effective amendment to the Registration Statement or the sale of any of the Shares shall
have been issued under the Act or any state or foreign securities law, and no proceedings for that
purpose shall have been initiated or shall be pending or, to the Representatives&#146; knowledge or the
knowledge of CWCO, shall be contemplated by the SEC or by any authority in any jurisdiction
designated by the Representatives pursuant to Section 5(f) hereof. Any request on the part of the
SEC or any state or foreign securities authority for additional information shall have been
complied with to the reasonable satisfaction of counsel for the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All corporate proceedings and other matters incident to the authorization, form and
validity of this Agreement, the Shares and the form of the Registration Statement, the Disclosure
Package and the Prospectus, and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be satisfactory in all material respects to counsel for the
Underwriters. CWCO shall have furnished to such counsel all documents and information that they
may have reasonably requested to enable them to pass upon such matters. The Representatives shall
have received from the Underwriters&#146; counsel, Ballard Spahr Andrews &#038; Ingersoll, LLP an opinion,
dated as of the Closing Date and any Option Closing Date, as the case may be, and addressed to the
Representatives as representatives of the several Underwriters, which opinion shall be satisfactory
in all respects to the Representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Representatives shall have received a copy of an executed Lock-up Agreement from each
of the persons listed on <U>Schedule&nbsp;II</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;On the Closing Date and any Option Closing Date, there shall have been delivered to the
Representatives signed opinions of Edwards Angell Palmer &#038; Dodge LLP, United States. securities law
counsel to CWCO, Myers &#038; Alberga, Cayman Islands counsel to CWCO, &#95;&#95;&#95;, Belize counsel
to CWCO, &#95;&#95;&#95;, British Virgin Islands counsel to CWCO, &#95;&#95;&#95;, The
Bahamas counsel to CWCO and &#95;&#95;&#95;, Barbados counsel to CWCO, dated as of each such date
and addressed to the Representatives as representatives of the several Underwriters to the effect
set forth in <U>Exhibit&nbsp;A</U> hereto or to such effect as is otherwise reasonably satisfactory to
the Representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;At the Closing Date and any Option Closing Date: (i)&nbsp;the Registration Statement and any
post-effective amendment thereto and the Disclosure Package and the Prospectus and any amendments
or supplements thereto shall contain all statements that are
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required to be stated therein in accordance with the Act and the Regulations and in all
material respects shall conform to the requirements of the Act and the Regulations, and neither the
Registration Statement nor any post-effective amendment thereto nor the Prospectus and any
amendments or supplements thereto shall contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein
not misleading; (ii)&nbsp;since the respective dates as of which information is given in the
Registration Statement and any post-effective amendment thereto and the Disclosure Package and the
Prospectus and any amendments or supplements thereto, except as otherwise stated therein, there
shall have been no material adverse change in the Business Conditions of the CWCO Group from that
set forth therein, whether or not arising in the ordinary course of business; (iii)&nbsp;since the
respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus or any amendment or supplement thereto, there shall have been no event
or transaction, contract or agreement entered into by any member of the CWCO Group other than in
the ordinary course of business, that has not been, but would be required to be, set forth in the
Registration Statement, the Disclosure Package or the Prospectus; (iv)&nbsp;since the respective dates
as of which information is given in the Registration Statement and any post-effective amendment
thereto, or the Disclosure Package and the Prospectus and any amendments or supplements thereto,
there shall have been no material adverse change, loss, reduction, termination or non-renewal of
any contract to which any member of the CWCO Group is a party, that has not been, but would be
required to be set forth in the Registration Statement, the Disclosure Package or the Prospectus;
and (v)&nbsp;no action, suit or proceeding at law or in equity shall be pending or threatened against
any member of the CWCO Group that would be required to be set forth in the Disclosure Package or
the Prospectus, other than as set forth therein, and except as set forth in the Disclosure Package
or the Prospectus no proceedings shall be pending or threatened against or directly affecting any
member of the CWCO Group before or by any federal, state or other commission, board or
administrative agency wherein an unfavorable decision, ruling or finding would materially adversely
affect the Business Conditions of the CWCO Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Representatives shall have received at the Closing Date and any Option Closing Date
certificates of the Chief Executive Officer and the Chief Financial Officer of CWCO dated as of the
date of the Closing Date or Option Closing Date, as the case may be, and addressed to the
Representatives, as representatives of the several Underwriters, to the effect that (i)&nbsp;the
representations and warranties of CWCO in this Agreement are true and correct, as if made at and as
of the Closing Date or the Option Closing Date, as the case may be, and that CWCO has complied with
all the agreements, fulfilled all the covenants and satisfied all the conditions on its part to be
performed, fulfilled or satisfied at or prior to the Closing Date or the Option Closing Date, as
the case may be, and (ii)&nbsp;the signers of the certificate have carefully examined the Registration
Statement, the Disclosure Package and the Prospectus and any amendments or supplements thereto, and
the conditions set forth in Section&nbsp;8 hereof have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;At the time this Agreement is executed and at the Closing Date and any Option Closing Date
the Representatives shall have received a letter, dated the date of delivery thereof, addressed to
the Representatives, individually and as representatives of the several Underwriters, in form and
substance satisfactory to the Representatives in all respects (including,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without limitation, the non-material nature of the changes or decreases, if any, referred to
in clause (iii)&nbsp;below) from Rachlin and KPMG:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;confirming they are independent certified public accountants within the meaning of the Act
and the Regulations and stating that the section of the Registration Statement, the Disclosure
Package and the Prospectus under the caption &#147;Experts&#148; is correct insofar as it relates to them;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;stating that, in their opinion, the consolidated financial statements, schedules and
notes of CWCO audited by them and included, or incorporated by reference, in the Registration
Statement, the Disclosure Package and the Prospectus comply as to form in all material respects
with the applicable accounting requirements of the Act and the Regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;stating that, on the basis of specified procedures, which included a reading of the
latest available unaudited interim consolidated financial statements of CWCO (with an indication of
the date of the latest available unaudited interim financial statements), a reading of the minutes
of the meetings of the shareholders and the Boards of Directors of each member of the CWCO Group
and the Audit and Executive and Compensation Committees of such Boards and inquiries to certain
officers and other employees of CWCO responsible for operational, financial and accounting matters
and other specified procedures and inquiries, nothing has come to their attention that would cause
them to believe that at a specified date not more than five business days prior to the date of such
letter, there was any: (A)&nbsp;change in the capital stock other than (1)&nbsp;the issuance of Ordinary
Shares upon the exercise of currently outstanding options and warrants as described in Registration
Statement, the Disclosure Package and the Prospectus, (2)&nbsp;the grant of options to purchase Ordinary
Shares under CWCO&#146;s currently outstanding stock options plans and the issuance of Ordinary Shares
upon the exercise thereof, and (3)&nbsp;the issuance of redeemable preferred stock under CWCO&#146;s Employee
Share Incentive Plan, (B)&nbsp;increase in long-term debt of CWCO, which is currently $&#95;&#95;&#95;or
(C)&nbsp;any decrease in consolidated net current assets or shareholders equity of CWCO as compared with
the amounts shown in the December&nbsp;31, 2005 audited balance sheets of CWCO included, or incorporated
by reference, in the Registration Statement, the Disclosure Package and the Prospectus or that for
the periods from December&nbsp;31, 2005 to the date of the latest available unaudited financial
statements of CWCO, if any, and to a specified date not more than five days prior to the date of
the letter, there were any decreases, as compared to the corresponding periods in the prior year,
in operating income or total or per share amounts of net income, except in all instances for
changes, decreases or increases that the Registration Statement, the Disclosure Package and the
Prospectus disclose have occurred or may occur and except for such other changes, decreases or
increases which the Underwriters shall in their sole discretion accept;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;stating that they have compared specific dollar amounts (or percentages derived from such
dollar amounts), numbers of shares and other numerical data and financial information included, or
incorporated by reference, in the Registration Statement, the Disclosure Package and the Prospectus
that have been reasonably specified by the Representatives prior to the date of this Agreement (in
each case to the extent that such dollar amounts, percentages and other information is derived from
the general accounting records subject to the internal controls of CWCO&#146;s accounting systems, or
has been derived directly from such accounting records by analysis or comparison or has been
derived from other records
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and analyses maintained or prepared by CWCO) with the results obtained from the application of
readings, inquiries and other appropriate procedures set forth in the letter, and found them to be
in agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;stating that, on the basis of specified procedures, which included (A)&nbsp;a reading of the
unaudited pro forma condensed consolidated balance sheet as of December&nbsp;31, 2005 and the unaudited
pro forma condensed consolidated statement of income for the year ended December&nbsp;31, 2005,
included, or incorporated by reference, in the Registration Statement, the Disclosure Package and
the Prospectus; (B)&nbsp;inquiry of management of each member of the CWCO Group who have responsibility
for financial and accounting matters; (C)&nbsp;proving the arithmetic accuracy of the application of the
pro forma adjustments to the historical amounts in the unaudited pro forma condensed consolidated
financial statements, that nothing came to their attention as a result of the above procedures,
however, that caused them to believe that the unaudited pro forma condensed consolidated financial
statements included, or incorporated by reference, in the Registration Statement, the Disclosure
Package or the Prospectus do not comply as to form in all material respects with the applicable
accounting requirements of Rule&nbsp;11-02 of Regulation&nbsp;S-X and that the pro forma adjustments have not
been properly applied to the historical amounts in the compilation of those statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All financial statements and schedules included in material incorporated by reference into the
Prospectus shall be deemed included in the Registration Statement for purposes of this subsection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;All corporate and other proceedings and other matters incident to the authorization, form
and validity of this Agreement and the form of the Registration Statement and the Prospectus and
all other legal matters related to this Agreement and the transactions contemplated hereby shall be
reasonably satisfactory in all respects to counsel to the Underwriters. CWCO shall have furnished
to such counsel all documents and information that they shall have reasonably requested to enable
them to pass upon such matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The Shares shall have been included for quotation on The Nasdaq Global Select Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;There shall have been duly tendered to the Representatives for the respective accounts of
the Underwriters, certificates representing all of the Shares to be purchased by the Underwriters
on the Closing Date or Option Closing date, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The NASD shall have confirmed that it has not raised any objection with respect to the
fairness and reasonableness of the underwriting terms and arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;At the Closing Date and any Option Closing Date, the Representatives shall have been
furnished such additional documents, information and certificates as they shall have reasonably
requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such opinions, certificates, letters and documents shall be in compliance with the
provisions hereof only if they are reasonably satisfactory in form and substance to the
Representatives and the Underwriters&#146; counsel. CWCO shall furnish the Representatives with such
conformed copies of such opinions, certificates, letters and other documents as they shall
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonably request. If any condition to the Underwriters&#146; obligations hereunder to be
fulfilled prior to or at the Closing Date or any Option Closing Date, as the case may be, is not
fulfilled, the Representatives may on behalf of the several Underwriters, terminate this Agreement
with respect to the Closing Date or such Option Closing Date, as applicable, or, if they so elect,
waive any such conditions which have not been fulfilled or extend the time for their fulfillment.
Any such termination shall be without liability of the Underwriters to CWCO, except that Section&nbsp;7
and Section&nbsp;9 shall at all times be effective and shall survive such termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.&nbsp;</B><U><B>Indemnification and Contribution</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;CWCO shall indemnify and hold harmless each Underwriter, and each person, if any, who
controls each Underwriter within the meaning of the Act and the Exchange Act, against any and all
loss, liability, claim, damage and expense whatsoever, including, but not limited to, any and all
reasonable expenses incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever or in connection with any investigation or inquiry
of, or action or proceeding that may be brought against, the respective indemnified parties,
arising out of or based upon or caused by any breach of CWCO&#146;s representations and warranties made
in this Agreement or any untrue statements or alleged untrue statements of material fact contained
in the Registration Statement, any Preliminary Prospectus, the Disclosure Package or the
Prospectus, any application or other document filed in any jurisdiction in order to qualify all or
any part of the Shares under the securities laws thereof or filed with the SEC or The Nasdaq Global
Select Market (in this Section&nbsp;9 collectively called &#147;application&#148;), or the omission or alleged
omission to state in any of the foregoing a material fact required to be stated therein or
necessary to make the statements therein not misleading; provided, however, that the foregoing
indemnity shall not apply in respect of any statement or omission made in reliance upon and in
conformity with written information furnished to CWCO by any Underwriter through the
Representatives expressly for use in any Preliminary Prospectus, the Registration Statement, the
Disclosure Package or Prospectus, or any amendment or supplement thereto, or in any application or
in any communication to the SEC, as the case may be; and further provided, however, that the
indemnification contained in this Section 9(a) with respect to any Preliminary Prospectus shall not
inure to the benefit of any Underwriter (or to the benefit of any person controlling such
Underwriter) on account of any such loss, claim, liability or expense arising from the sale of the
Shares by such Underwriter to any person if a copy of the Prospectus shall not have been delivered
or sent to such person within the time required by the Act and the regulations thereunder, and the
untrue statement or alleged untrue statement or omission or alleged omission of a material fact
contained in such Preliminary Prospectus was corrected in the Prospectus, provided that CWCO has
delivered the Prospectus to the several Underwriters in requisite quantity on a timely basis to
permit such delivery or sending. The obligations of CWCO under this Section 9(a) will be in
addition to any liability CWCO may otherwise have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Underwriter, severally and not jointly, shall indemnify and hold harmless CWCO, each
of the directors of CWCO, each of the officers of CWCO who shall have signed the Registration
Statement, and each other person, if any, who controls CWCO within the meaning of the Act to the
same extent as the foregoing indemnities from CWCO to the several Underwriters, but only with
respect to any and all loss, liability, claim, damage or expense resulting from statements or
omissions, or alleged statements or omissions, if any, made in any
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Preliminary Prospectus, the Disclosure Package, the Registration Statement or Prospectus or
any amendment or supplement thereto or any application or in any communication to the SEC in
reliance upon, and in conformity with written information furnished to CWCO by any Underwriter
through the Representatives expressly for use in any Preliminary Prospectus, the Disclosure
Package, the Registration Statement or the Prospectus or any amendment or supplement thereof or any
application or in any communication to the SEC, as the case may be. The obligations of each
Underwriter under this Section 9(b) will be in addition to any liability which such Underwriter may
otherwise have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any action, inquiry, investigation or proceeding is brought against any person in
respect of which indemnification may be sought pursuant to Section 9(a) or (b)&nbsp;hereof, such person
(hereinafter called the &#147;indemnified party&#148;) shall, promptly after notification of, or receipt of
service of process for, such action, inquiry, investigation or proceeding, notify in writing the
party or parties against whom indemnification is to be sought (hereinafter called the &#147;indemnifying
party&#148;) of the institution of such action, inquiry, investigation or proceeding. The indemnifying
party, upon the request of the indemnified party, shall assume the defense of such action, inquiry,
investigation or proceeding, including, without limitation, the employment of counsel (reasonably
satisfactory to such indemnified party) and payment of expenses. No indemnification provided for
in Section&nbsp;9 shall be available to any indemnified party who shall fail to give such notice if the
indemnifying party does not have knowledge of such action, inquiry, investigation or proceeding to
the extent that such indemnifying party has been materially prejudiced by the failure to give such
notice, but the omission to so notify the indemnifying party shall not relieve the indemnifying
party otherwise than under Section&nbsp;9. Such indemnified party shall have the right to employ its or
their own counsel in any such case, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless the employment of such counsel shall have been authorized
in writing by the indemnifying party in connection with the defense of such action or if the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party
or if such indemnified party or parties shall have been advised by counsel that there may be a
conflict between the positions of the indemnifying party or parties and of the indemnified party or
parties or that there may be legal defenses available to such indemnified party or parties
different from or in addition to those available to the indemnifying party or parties, in any of
which events the indemnified party or parties shall be entitled to select counsel to conduct the
defense to the extent determined by such counsel to be necessary to protect the interests of the
indemnified party or parties, and the reasonable fees and expenses of such counsel shall be borne
by the indemnifying party. The indemnifying party shall be responsible for the fees and
disbursements of only one such counsel so engaged by the indemnified party or parties. Expenses
covered by the indemnification in Section&nbsp;9, as the case may be, shall be paid by the indemnifying
party as they are incurred by the indemnified party. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or threatened
action in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement includes an
unconditional release of such indemnified party from all liability on any claims that are the
subject matter of such action. Notwithstanding anything in this Section&nbsp;9 or Section&nbsp;10 to the
contrary, an indemnifying party shall not be liable for any settlement of a claim effected without
its written consent, which consent shall not be unreasonably withheld.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the indemnification provided for in this Section&nbsp;9 is unavailable or insufficient to
hold harmless an indemnified party under Section 9(a) or (b)&nbsp;hereof in respect of any losses,
liabilities, claims, damages or expenses (or actions, inquiries, investigations or proceedings in
respect thereof) referred to therein, except by reason of the failure to give notice as required in
Section 9(c) hereof (provided that the indemnifying party does not have knowledge of the action,
inquiry, investigation or proceeding and to the extent such party has been materially prejudiced by
the failure to give such notice), then each indemnifying party shall contribute to the amount paid
or payable by such indemnified party as a result of such losses, liabilities, claims, damages or
expenses or actions, inquiries, investigations or proceedings in respect thereof, in such
proportion as is appropriate to reflect the relative benefits received by CWCO on the one hand and
the Underwriters on the other from the offering of the Shares. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law, then each
indemnifying party shall contribute to such amount paid or payable by such indemnified party in
such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of CWCO on the one hand and the Underwriters on the other in connection with the statements
or omissions which resulted in such losses, liabilities, claims or expenses (or actions, inquiries,
investigations or proceedings in respect thereof), as well as any other relevant equitable
considerations. The relative benefits received by CWCO on the one hand and the Underwriters on the
other shall be deemed to be in the same proportion as the total net proceeds from the offering
(before deducting expenses) received by CWCO bears to the total underwriting discount and
commissions received by the Underwriters, in each case as set forth in the table on the cover page
of the Prospectus. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by CWCO on the one hand or the
Underwriters on the other hand and the parties&#146; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CWCO and the Underwriters agree that it would not be just and equitable if contributions to
this Section 9(d) were determined by pro rata allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to above in this Section&nbsp;9(d). The amount paid or payable by an
indemnified party as a result of the losses, liabilities, claims, damages or expenses (or actions,
inquiries, investigations or proceedings in respect thereof) referred to above in this Section 9(d)
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section&nbsp;9(d), (i)&nbsp;the provisions of the Agreement Among Underwriters shall
govern contribution among Underwriters, (ii)&nbsp;no Underwriter (except as provided in the Agreement
Among Underwriters) shall be required to contribute any amount in excess of the underwriting
discounts and commissions applicable to the Shares purchased by such Underwriter, and (iii)&nbsp;no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters&#146; obligations in this Section 9(d) to contribute are several in
proportion to their individual underwriting obligations and not joint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.&nbsp;</B><U><B>Representations and Agreements to Survive Delivery</B></U><B>. </B>Except as the context
otherwise requires, all representations, warranties and agreements contained in this Agreement
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be deemed to be representations, warranties and agreements at the Closing Date and any
Option Closing Date. All such representations, warranties and agreements of the Underwriters and
CWCO, including, without limitation, the indemnity and contribution agreements contained in Section
9 hereof and the agreements contained in Sections&nbsp;5, 7, 11, and 12 hereof, shall remain operative
and in full force and effect regardless of any investigation made by or on behalf of any
Underwriter or any controlling person, and shall survive delivery of the Shares and termination of
this Agreement, whether before or after the Closing Date or any Option Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.&nbsp;</B><U><B>Effective Date of This Agreement and Termination Hereof</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement shall become effective at 10:00&nbsp;a.m., Philadelphia, Pennsylvania time, on
the first business day following the Effective Date or at the time of the public offering by the
Underwriters of the Shares, whichever is earlier, except that the provisions of Sections&nbsp;7, 9, 10
and 11 hereof shall be effective upon execution hereof. The time of the public offering, for the
purpose of this Section&nbsp;11, shall mean the time when any of the Shares are first released by the
Underwriters for offering by dealers. The Representatives and CWCO may prevent the provisions of
this Agreement (other than those contained in Sections&nbsp;7, 9, 10 and 11) hereof from becoming
effective without liability of any party to any other party, except as noted below, by giving the
notice indicated in Section 11(c) hereof before the time the other provisions of this Agreement
become effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Representatives shall have the right to terminate this Agreement at any time prior to
the Closing Date or any Option Closing Date as provided in Sections&nbsp;8 and 12 hereof or if any of
the following have occurred: (i)&nbsp;since the respective dates as of which information is given in
the Registration Statement and the Prospectus, any material adverse change or any development
involving a prospective material adverse change in or affecting the Business Conditions of the CWCO
Group, whether or not arising in the ordinary course of business, that would, in the
Representatives&#146; opinion, make the offering or delivery of the Shares impracticable; (ii)&nbsp;any
outbreak or escalation of hostilities or other national or international calamity or crisis or
change in economic, political or financial market conditions if the effect on the financial markets
of the United States of such outbreak, calamity, crisis or change would, in the Representatives&#146;
reasonable opinion, make the offering or delivery of the Shares impracticable; (iii)&nbsp;any suspension
or limitation of trading generally in securities on The Nasdaq Global Select Market or any setting
of minimum prices for trading or the promulgation of any federal or state statute, regulation, rule
or order of any court or other governmental authority that in the Representatives&#146; reasonable
opinion materially and adversely affects trading on such exchange or the over-the-counter market;
(iv)&nbsp;the enactment, publication, decree or other promulgation of any federal or state statute,
regulation, rule or order of any court or other governmental authority which in the
Representatives&#146; reasonable opinion materially and adversely affects or will materially or
adversely affect the business or operations of the CWCO Group; (v)&nbsp;declaration of a banking
moratorium by the United States, New York or Pennsylvania authorities; (vi)&nbsp;the taking of any
action by any federal, state or local government or agency in respect of its monetary or fiscal
affairs that in the Representatives&#146; reasonable opinion has a material adverse effect on the
securities markets in the United States; or (vii)&nbsp;trading in any securities of CWCO shall have been
suspended or halted by The Nasdaq Global Select Market or the SEC.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the Representatives elect to prevent this Agreement from becoming effective or to
terminate this Agreement as provided in this Section&nbsp;11, the Representatives shall notify CWCO
hereof promptly by telephone or facsimile, confirmed by letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.&nbsp;</B><U><B>Default by an Underwriter</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any Underwriter or Underwriters shall default in its or their obligation to purchase
Firm Shares or Optional Shares hereunder, and if the Firm Shares or Optional Shares with respect to
which such default relates do not exceed in the aggregate 10% of the number of Firm Shares or
Optional Shares, as the case may be, that all Underwriters have agreed to purchase on the relevant
Closing Date or Option Closing Date, then the Representatives may make arrangements satisfactory to
CWCO for the purchase of such Firm Shares by other persons, including any of the Underwriters, but
if no such arrangements are made by the relevant Closing Date or Option Closing Date, such Firm
Shares or Optional Shares to which the default relates shall be purchased severally by the
non-defaulting Underwriters in proportion to their respective commitments hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If such default relates to more than 10% of the Firm Shares or Optional Shares, as the
case may be, the Representatives may in their discretion arrange for another party or parties
(including a non-defaulting Underwriter) to purchase such Firm Shares or Optional Shares to which
such default relates, on the terms contained herein. In the event that the Representatives do not
arrange for the purchase of the Firm Shares or Optional Shares to which a default relates as
provided in this Section&nbsp;12, this Agreement may be terminated by the Representatives or by CWCO
without liability on the part of the non-defaulting several Underwriters (except as provided in
Section&nbsp;9 hereof) or CWCO (except as provided in Sections&nbsp;7 and 9 hereof); provided that if such
default occurs with respect to Optional Shares after the Closing Date, this Agreement will not
terminate as to the Firm Shares or any Optional Shares purchased prior to such termination.
Nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other
several Underwriters and to CWCO for damages occasioned by its default hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the Firm Shares or Optional Shares to which the default relates are to be purchased by
the non-defaulting Underwriters, or are to be purchased by another party or parties, the
Representatives or CWCO shall have the right to postpone the Closing Date or any Option Closing
Date, as the case may be, for a reasonable period but not in any event exceeding seven days, in
order to effect whatever changes may thereby be made necessary in the Registration Statement or the
Prospectus or in any other documents and arrangements, and CWCO agrees to file promptly any
amendment to the Registration Statement or supplement to the Prospectus that in the opinion of
counsel for the Underwriters may thereby be made necessary. The terms &#147;Underwriters&#148; and
&#147;Underwriter&#148; as used in this Agreement shall include any party substituted under this Section&nbsp;12
with like effect as if it had originally been a party to this Agreement with respect to such Firm
Shares and/or Optional Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.&nbsp;</B><U><B>Information Furnished by Underwriters</B></U><B>. </B>The statement set forth on the third
paragraph from the bottom of the cover page of the Prospectus regarding the terms of the Offering
by the Underwriters, the identity of the Underwriters set forth in the first paragraph under the
heading &#147;Underwriting,&#148; the concession and reallowance figures appearing in the fifth
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">paragraph under the heading &#147;Underwriting,&#148; and the paragraphs under the subheading
&#147;Stabilization&#148; regarding stabilization, passive market making, syndicate covering transactions,
penalty bids and discretionary authority under the heading &#147;Underwriting&#148; constitute the only
written information furnished by reference or on behalf of any Underwriter referred to in Sections
1(c), 1(d), 1(e) and 9 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14.&nbsp;</B><U><B>Notice</B></U><B>. </B>All communications hereunder, except as herein otherwise specifically
provided, shall be in writing and, if sent to any Underwriter, shall be mailed, delivered or
telecopied and confirmed to such Underwriter, c/o Janney Montgomery Scott LLC, 1801 Market Street,
Philadelphia, Pennsylvania 19103, Attention: Mr.&nbsp;William L. Rulon-Miller, facsimile number (215)
665-6197, c/o Boenning &#038; Scattergood, Inc., 4 Tower Bridge, 200 Barr Harbor Drive, Suite&nbsp;300, West
Conshohocken, Pennsylvania 19428, Attention: James Adducci, facsimile number (610)&nbsp;832-5301, c/o
Brean Murray, Carret &#038; Co., LLC, 570 Lexington Avenue, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, New York, New York
10022, Attention: John Fletcher, facsimile number (212)&nbsp;702-6548, c/o The Seidler Companies
Incorporated, 5515 South Figueroa Street, Suite&nbsp;1100, Los Angeles, California 90071, Attention:
Brian Wood, facsimile number (213)&nbsp;688-8896, with a copy to Ballard Spahr Andrews &#038; Ingersoll, LLP,
1735 Market Street, Philadelphia, Pennsylvania 19103, Attention: Justin P. Klein, Esquire,
facsimile number (215)&nbsp;864-9166; if sent to CWCO, shall be mailed, delivered or telecopied and
confirmed to Consolidated Water Co. Ltd., Trafalgar Place, West Bay Road, P.O. Box 1114GT, Grand
Cayman, Cayman Islands, B.W.I., Attention: Jeffrey M. Parker, facsimile number (345)&nbsp;949-2957,
with a copy to Edwards Angell Palmer &#038; Dodge LLP, 350 East Las Olas Boulevard, Suite&nbsp;1150, Fort
Lauderdale, Florida 33301-4215, Attention: Leslie J. Croland, P.A., facsimile number (954)
727-2601.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.&nbsp;</B><U><B>Parties</B></U><B>. </B>This Agreement shall inure solely to the benefit of, and shall be
binding upon, the several Underwriters, CWCO, and the controlling persons, directors and officers
thereof, and their respective successors, assigns, heirs and legal representatives, and no other
person shall have or be construed to have any legal or equitable right, remedy or claim under or in
respect of or by virtue of this Agreement or any provision herein contained. The terms
&#147;successors&#148; and &#147;assigns&#148; shall not include any purchaser of the Shares merely because of such
purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>16.&nbsp;</B><U><B>Definition of Business Day</B></U><B>. </B>For purposes of this Agreement, &#147;business day&#148; means
any day on which The Nasdaq Global Select Market is opened for trading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>17.&nbsp;</B><U><B>Counterparts</B></U>. This Agreement may be executed in one or more counterparts
(including by means of facsimile signature pages), and all such counterparts will constitute one
and the same instrument. This agreement and any signed agreement or instrument entered into in
connection with this agreement, and any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine, shall be treated in all manner and respects as an
original agreement or instrument and shall be considered to have the same binding legal effect as
if it were the original signed version thereof delivered in person. At the request of any party,
the other party shall re-execute original forms thereof and deliver them to the other party. No
party shall raise the use of a facsimile machine to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of a facsimile
machine as a defense to the formation of a contract and each such party forever waives any such
defense.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>18.&nbsp;</B><U><B>Construction</B></U><B>. </B>This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania applicable to agreements made and performed
entirely within such Commonwealth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>19.&nbsp;</B><U><B>Partial Unenforceability</B></U>. The invalidity or unenforceability of any Section,
paragraph or provision of this Agreement shall not affect the validity or enforceability of any
other Section, paragraph or provision hereof. If any Section, paragraph or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
made such minor changes (and only such minor changes) as are necessary to make it valid and
enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>20.&nbsp;</B><U><B>Consent to Jurisdiction</B></U>. Any legal suit, action or proceeding arising out of or
based upon this Agreement or the transactions contemplated hereby (&#147;Related Proceedings&#148;) must be
instituted in the federal courts of the United States of America or the courts of the Commonwealth
of Pennsylvania in each case located in the City and County of Philadelphia (collectively, the
&#147;Specified Courts&#148;), and each party irrevocably submits to the exclusive jurisdiction (except for
proceedings instituted in regard to the enforcement of a judgment of any such court (a &#147;Related
Judgment&#148;), as to which such jurisdiction is non-exclusive of such courts in any such suit, action
or proceeding. Service of any process, summons, notice or document by certified mail to such
party&#146;s address set forth above shall be effective service of process for any suit, action or other
proceeding brought in any such court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any suit, action or other proceeding brought in any such court
has been brought in an inconvenient forum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>21.&nbsp;</B><U><B>Entire
Agreement</B></U>. Other than Sections _____ and _____ of the letter agreement dated
September&nbsp;8, 2006 between CWCO and Janney Montgomery Scott LLC (as amended), this Agreement
constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to
the subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>22.&nbsp;</B><U><B>Amendments</B></U>. This Agreement may only be amended or modified in writing, signed by
all of the parties hereto, and no condition herein (express or implied) may be waived unless waived
in writing by each party whom the condition is meant to benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>23.&nbsp;</B><U><B>Sophisticated Parties; No Fiduciary Relationship</B></U>. Each of the parties hereto
acknowledges that it is a sophisticated business person who was adequately represented by counsel
during negotiations regarding the provisions hereof, including, without limitation, the
indemnification and contribution provisions of Section&nbsp;9, and is fully informed regarding said
provisions. Each of the parties hereto further acknowledges that the provisions of Section&nbsp;9
hereto fairly allocate the risks in light of the ability of the parties to investigate CWCO, its
affairs and its business in order to assure that adequate disclosure has been made in the
Registration Statement, the Disclosure Package and the Prospectus (and any amendments and
supplements thereto), as required by the Act and the Exchange Act. CWCO acknowledges and agrees
that in connection with all aspects of each transaction contemplated by this Agreement, CWCO, on
the one hand, and the Underwriters, on the other hand, have an arms-length business relationship
that creates no fiduciary duty on the part of any Underwriter and each expressly disclaims any
fiduciary relationship.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth your understanding of our agreement, please sign and
return to CWCO the enclosed duplicate hereof, whereupon it will become a binding agreement in
accordance with its terms.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
CONSOLIDATED WATER CO. LTD.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Frederick W. McTaggart&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed and accepted as of the date first above written.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JANNEY MONTGOMERY SCOTT LLC,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BREAN MURRAY, CARRET &#038; CO., LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">As Representative of the several
Underwriters named on <U>Schedule&nbsp;I</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As Representative of the several
Underwriters named on <U>Schedule&nbsp;I</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: JANNEY MONTGOMERY SCOTT LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: BREAN MURRAY, CARRET &#038; CO., LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOENNING &#038; SCATTERGOOD, INC.,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE SEIDLER COMPANIES INCORPORATED,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">As Representative of the several
Underwriters named on <U>Schedule&nbsp;I</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As Representative of the several
Underwriters named on <U>Schedule&nbsp;I</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: BOENNING &#038; SCATTERGOOD, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: THE SEIDLER COMPANIES<BR>
INCORPORATED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE I
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule of Underwriters
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of Firm Shares</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Underwriter</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">to be Purchased</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Janney Montgomery Scott LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;_________&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boenning &#038; Scattergood, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;_________&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brean Murray, Carret &#038; Co., LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;_________&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Seidler Companies Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;_________&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#091;1,500,000&#093;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE II
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Issuer Free Writing Prospectus
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE III
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Persons Who Are to Deliver Lock-Up Agreements
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lock-Up Agreements are to be delivered by the following persons and entities immediately prior
to the time the SEC declares the Registration Statement effective:
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jeffrey M. Parker<BR>
Frederick W. McTaggart<BR>
David W. Sasnett<BR>
Ramjeet Jerrybandan<BR>
Gregory S. McTaggart<BR>
Robert B. Morrison<BR>
Gerard J. Pereira<BR>
William T. Andrews<BR>
Brian E. Butler<BR>
Steven A. Carr<BR>
Carson K. Ebanks<BR>
Richard L. Finlay<BR>
Clarence B. Flowers, Jr.<BR>
Wilmer Pergande<BR>
Leonard Sokolow<BR>
Raymond Whittaker</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Matters to be Covered in the Opinions of<BR>
Counsels for the CWCO Group
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;CWCO has been duly organized and is validly existing as a corporation in good standing
under the laws of the Cayman Islands with corporate power and authority to own its properties and
conduct its business as described in the Registration Statement, the Disclosure Package and the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Each CWCO Subsidiary has been duly organized and is validly existing as a corporation in
good standing under the laws of its jurisdiction of incorporation and has the corporate power and
authority to own its properties and conduct its current business. The outstanding shares of
capital stock of each CWCO Subsidiary owned by CWCO, directly or indirectly, have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by CWCO, either
directly or indirectly, free and clear of all liens, encumbrances and security interests. To the
best knowledge of such counsel, no options, warrants or other rights to purchase any shares of
capital stock of CWCO are outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;CWCO has authorized and outstanding capital stock as set forth under the caption
&#147;Capitalization&#148; in the Registration Statement, the Disclosure Package and the Prospectus and the
authorized Ordinary Shares have been duly authorized. The outstanding shares of Ordinary Shares
have been duly authorized and validly issued and are fully paid and non-assessable. The Ordinary
Shares conform as to legal matters to the description thereof contained in the Registration
Statement, the Disclosure Package and the Prospectus. Certificates for the Ordinary Shares to be
sold by CWCO pursuant to this Agreement (the &#147;Shares&#148;) are in due and proper form and the have been
duly authorized and will be validly issued, fully paid and non-assessable when issued and paid for
as contemplated by this Agreement; and no preemptive rights of stockholders, by operation of law,
or to the knowledge of such counsel, by contract exists with respect to any of the Shares or the
issue and sale thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Based on the oral advice of a member of the Division of Corporation Finance of the SEC, the
Registration Statement has become effective under the Act, and no stop order proceedings with
respect thereto have been instituted or are pending or, to the best knowledge of such counsel,
threatened under the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Registration Statement, the Disclosure Package and the Prospectus and each amendment or
supplement thereto and each document incorporated by reference therein, comply as to form in all
material respects with the requirements of the Act and the Exchange Act, as applicable, and the
applicable rules and regulations thereunder (except that such counsel need express no opinion as to
the financial statements and notes thereto, schedules and other financial and statistical
information included or incorporated by reference therein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The statements under the caption &#147;Description of Capital Stock&#148; in the Registration
Statement, the Disclosure Package or the Prospectus, insofar as such statements
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">constitute a summary of documents referred to therein or matters of law, are accurate and
fairly present the information called for with respect to such documents and matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Such counsel does not know of any contracts or documents required to be filed as exhibits
to, or incorporated by reference in, the Registration Statement or described in the Registration
Statement, the Disclosure Package or the Prospectus that are not so filed, incorporated by
reference or described as required, and such required contracts and documents as are summarized in
the Registration Statement, the Disclosure Package or the Prospectus are fairly summarized in all
material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;There are no material legal proceedings pending or to the knowledge of such counsel,
threatened against any member of the CWCO Group, except as set forth in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;This Agreement has been duly authorized, executed and delivered by CWCO, and, assuming due
execution by the Representatives of the Underwriters, constitutes the valid and binding agreement
of CWCO, enforceable against CWCO, in accordance with its terms, subject, as to enforcement, to
applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws relating to or
affecting the enforcement of creditors&#146; rights generally and to general equitable principles and
except as the enforceability of rights to indemnity and contribution under this Agreement may be
limited under applicable securities laws or the public policy underlying such laws. The execution
and delivery of this Agreement and the consummation of the transactions herein contemplated does
not and will not conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, the respective governing documents of each member of the CWCO Group, or
to such counsel&#146;s knowledge, any agreement or instrument to which any member of the CWCO Group is a
party or by which any of them may be bound that is material to the CWCO Group, taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;No approval, consent, order or authorization by any regulatory, administrative or other
governmental body is necessary in connection with the execution and delivery of this Agreement and
the consummation of the transactions herein contemplated (other than as may be required by the NASD
or by state securities and Blue Sky laws as to which such counsel need express no opinion).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Neither CWCO nor any of its subsidiaries is an &#147;investment company&#148; or an entity
&#147;controlled&#148; by an &#147;investment company&#148; within the meaning of the Investment Company Act of 1940,
as amended, and the rules and regulations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;In addition to the matters set forth above, although such counsel has not undertaken,
except as otherwise indicated in this opinion, to determine independently, and does not assume any
responsibility for the accuracy, completeness or fairness of the statements contained in the
Registration Statement, the Disclosure Package or the Prospectus, such counsel has participated in
the preparation of the Registration Statement, the Disclosure Package and the Prospectus, including
review and discussion of the contents thereof, and nothing has come to the attention of such
counsel that would cause such counsel to have reason to believe that (a)&nbsp;the Registration Statement
or any post-effective amendment thereto on the date it became effective, contained any untrue
statement of a material fact or omitted to state any material fact necessary
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to make the statements therein not misleading, (b)&nbsp;the Prospectus on the Effective Date, on
the date it was filed pursuant to Rule 424(b) and on the Closing Date or Option Closing Date, as
the case may be, contains any untrue statement of material fact or omits to state any material fact
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, or (c)&nbsp;the Disclosure Package at the Initial Sale Time and on the Closing Date or
Option Closing Date, as the case may be, contains any untrue statement of material fact or omits to
state any material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; except that with respect to clauses (a), (b)&nbsp;and (c)
above such counsel need express no opinion with respect to the financial statements and notes
thereto, financial schedules and financial information included in the Registration Statement, the
Disclosure Package or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinion may be limited to the laws of the United States, the laws of the Cayman
Islands, the British Virgin Islands, Barbados and The Bahamas. Such counsel may rely as to
questions of fact upon the representations of CWCO set forth in this Agreement and upon
certificates of officers of CWCO and of government officials, all of which certificates must be
satisfactory in form and scope to counsel for the Underwriters.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>g03508exv4w1.htm
<DESCRIPTION>EX-4.1 AMENDED & RESTATED MEMORANDUM OF ASSOCIATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.1 Amended & Restated Memorandum of Associatio</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>AMENDED AND RESTATED</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMPANY LIMITED BY SHARES
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MEMORANDUM OF ASSOCIATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSOLIDATED WATER CO. LTD.</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Amended and restated August&nbsp;17, 2005)
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of the Company is Consolidated Water Co. Ltd.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registered Office of the Company shall be at the offices of Consolidated Water Co. Ltd.,
4<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>Floor, Windward Three, Regatta Office Park, West Bay Road, P. O. Box 1114,
Grand Cayman, Cayman Islands, British West Indies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the following provisions of this Memorandum, the objects for which the Company is
established are unrestricted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the following provisions of this Memorandum, the Company shall have and be capable
of exercising all the functions of a natural person of full capacity irrespective of any
question of corporate benefit, as provided by Section&nbsp;26(2) of The Companies Law (1998
Revision).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without limiting the generality of paragraphs 3 and 4, the objects and powers of the Company
shall include but not be limited to the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To supply water for domestic and all other purposes in the Cayman
Islands and to construct the necessary works for such supply.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To purchase take on lease hire or otherwise acquire waterworks or the
right to supply and work water undertakings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To fit out maintain and work with any form of mechanical steam or
electric or other power the necessary works for the supply of water including
the construction and fitting out of pumping stations reservoirs desalinators
reverse osmosis equipment pipe lines and all other works necessary or
reasonably required for the supply of water for the purposes aforesaid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To acquire manufacture repair maintain all machines machinery pipes
utensils &#151; apparatus: and materials required for the supply
aforesaid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To make from time to time such applications to the Cayman Islands
Government or other authority as may be thought necessary or desirable for
powers to construct maintain and work the business of the Company or to acquire
or lease land buildings easements water rights water and other
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>works and any extensions thereof and to execute any works in connection
therewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To purchase take upon lease or otherwise acquire or build upon or improve any lands
or buildings or any estates or interest therein and any licenses rights easements
or privileges which may be considered necessary or expedient for the purposes of
the business of the Company and to do any such things notwithstanding that in any
case the whole of the land may not be required for such purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To manufacture buy sell let upon hire with or without an option of
purchase, all pipes taps valves engines tools machines and other chattels and
things used or which may at any time hereafter be used in the establishment
maintenance equipping or working of the aforesaid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To sell grant let exchange or otherwise dispose of absolutely or conditionally
or for any limited estate or interest all or any part or section of the
undertaking worked by the Company or any of them or any or any part of the
property or properties rights or powers thereof or any licenses rights or
privileges in over or in relation to any such property or any part thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To purchase or otherwise acquire any lands and buildings, and to utilise
the same for the treatment re-use and disposal of sewage, and to construct erect
and lay down any buildings engines pumps sewers tanks drains culverts channels
sewage or other works or things that may be necessary or convenient for any of
the objects of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To manufacture purchase sell deal in or otherwise dispose of chemical
vegetable and other manures and other substances materials and things that may
be conveniently dealt with in connection with sewage works.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To engage in or carry on any other lawful trade, business or enterprise
which may at any time appear to the Directors or the Company capable of being
conveniently carried on in conjunction with any of the aforementioned businesses
or activities or which may appear to the Directors or the Company likely to be
profitable to the Company.</TD>
</TR>


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>And it is hereby declared that the intention is that each of the objects specified in each
clause of this paragraph shall, except where otherwise expressed in such clause, be an
independent main object and be in no way limited or restricted by reference to or inference
from the terms of any other clause or the name of the Company.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Memorandum shall permit the Company to carry on a business for which a
license is required under the laws of the Cayman Islands unless duly licensed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The liability of each member is limited to the amount from time to time unpaid on such
member&#146;s shares.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The share capital of the Company is CI$10,000,000.00 divided into 19,800,000 ordinary shares
of a nominal or par value of CI$0.50 each and 200,000 redeemable preference shares of a
nominal or par value of CI$0.50 each.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">9.(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Ordinary Shares and the Redeemable Preference Shares shall rank pari passu for all
purposes except as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Redeemable Shares in issue and outstanding shall subject to the terms of
issue, be redeemable at any time at the option of the Company by written notice to
the address of the holder shown in the Register of Members;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The price per Redeemable Preference Share payable upon redemption shall,
subject to the terms of issue, be a sum equal to the par value and premium paid or
credited as paid up on the Redeemable Preference Share at the time of issue thereof,
plus such additional premium, if any, as the Directors may deem fair and reasonable,
provided that the redemption payment shall not exceed the amount payable on a winding
up;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption of a Redeemable Preference Share shall take place with effect
from such date as may be specified by the Directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On or before the date of redemption the certificate representing the Redeemable
Preference Shares being redeemed shall be submitted for cancellation but
submission of such certificate shall not be a condition of redemption unless the
Directors so decide;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a certificate representing both Redeemable Preference Shares to be
redeemed and Redeemable Preference Shares not to be redeemed is submitted to the
Company, it shall issue a new certificate for the balance of the Redeemable
Preference Shares not being redeemed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a winding up, the surplus assets if any available for distribution to
Members shall be applied first in paying to the holders of the Redeemable Preference
Shares a sum equal to the par value and premium paid up or credited as paid up
thereon at the time of issue. Secondly in paying to the holders of the Ordinary
Shares a sum equal to the par value and premium paid up or credited as paid up
thereon at the time of issue and thirdly to the holders of the Ordinary Shares and
Redeemable Preference Shares according to the number of shares held;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Ordinary Shares and the Redeemable Preference Shares shall rank equally
for voting and dividend purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may allot issue grant options over or otherwise dispose of shares of the
Company to such persons at such times and on such terms as they think proper.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We, the undersigned, are desirous of being formed into a Company pursuant to this Memorandum of
Association and the Companies Law, and we hereby agree to take the numbers of shares set opposite
our respective names below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated this 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 1973.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNATURE, NAME, OCCUPATION, <BR>
AND ADDRESS OF SUBSCRIBER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NUMBER OF SHARES<BR>
TAKEN BY SUBSCRIBER</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">1</TD>
    <TD align="left" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Cohien, Solicitor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">P.O. Box 309, Grand Cayman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">1</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas Calder, Solicitor Grand Cayman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Angela Crichton, Solicitor P.O.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Box 381, Grand Cayman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Signed) &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">1</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>M. Boyle</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Witness to the above signatures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Lee
Alfonso Ebanks, Registrar of Companies in and for the Cayman Islands, DO HEREBY CERTIFY that
this is a true copy of the Memorandum of Association of Consolidated Water Co. Ltd.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated this 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 1973.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>g03508exv4w2.htm
<DESCRIPTION>EX-4.2 AMENDED & RESTATED ARTICLES OF ASSOCIATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.2 Amended & Restated Articles of Association</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>AMENDED AND RESTATED</B></U><BR>
COMPANY LIMITED BY SHARES<BR>
ARTICLES OF ASSOCIATION<BR>
OF<BR>
<U><B>CONSOLIDATED WATER CO. LTD.</B></U><BR>
(as Amended by Special Resolution May&nbsp;10, 2006)
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TABLE A</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The regulations in Table A in the Schedule to the Companies Law (1998 Revision) do not apply
to this company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In these Articles where the context permits:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Articles&#148; means these Articles of Association as altered from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Auditors&#148; means the auditors for the time being of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;circular resolution&#148; means a resolution passed in accordance with these Articles without a
meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;class meeting&#148; means a separate meeting of the holders of a class of shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;clear days&#148; in relation to notice of a meeting means days falling after the day on which
notice is given or deemed to be given and before the day of the meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company&#148; means the above-named company;

</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Directors&#148; means the directors, or the sole
director, for the time being of the Company;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;holder&#148; in relation to a share of the Company means the member or members for the time
being registered in the Register as the holder of the share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;month&#148; means calendar month;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;ordinary resolution&#148; means a resolution passed at a general meeting (or, if so specified, a
class meeting) of the Company by a simple majority of the votes cast, or a circular
resolution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;paid-up&#148; means paid-up or credited as paid-up;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Register&#148; means the register of members of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Registered Office&#148; means the registered office for the time being of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Seal&#148; means the common seal or any official or duplicate seal of the Company,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Secretary&#148; means the secretary or assistant secretary for the time being of the Company,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;share&#148; includes a fraction of a share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;special resolution&#148; means a resolution passed as such at a general meeting (or, if so
specified, a class meeting) of the Company by a majority of three-quarters of the votes
cast, as provided in the Statute, or a circular resolution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Statute&#148; means the Companies Law (1998 Revision) of the Cayman Islands and every
modification or re-enactment thereof for the time being in force;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;written&#148; and &#147;in writing&#148; import all methods of representing, reproducing or communicating
words or numerals in permanent visible form, including printing, lithography, photography,
telecopying and telexing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;year&#148; means calendar year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In these Articles where the context permits:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Words importing the singular number-include the plural and vice versa;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Words importing the masculine gender include the feminine gender and vice
versa;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Words importing persons include companies or associations or bodies of persons,
corporate or unincorporate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;may&#148; is permissive; the word &#147;shall&#148; is imperative;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reference to a statutory provision shall be deemed to include any amendment
or re-enactment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject as aforesaid, words defined or used in the Statute have the same meaning in these
Articles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The headings in these Articles are for ease of reference only and shall not affect the
construction or interpretation of these Articles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PRELIMINARY</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may commence business immediately upon registration pursuant to the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may ratify any contract or other transaction entered into in its name or on its
behalf prior to registration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The preliminary expenses of incorporating the Company shall be paid by the Company, including
any expenses concerned with the issue of shares by the Company or with any contract or
transaction ratified pursuant to the foregoing Sub-Article. The preliminary expenses may be
charged to income or capital or amortised over any period as the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Directors think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CLASSIFICATION OF SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Memorandum of Association and subject to any directions of the Company in
general meeting, the unissued shares of the Company may from time to time be divided or
sub-divided into such classes, or re-classified, and be issued with such preferred, deferred
or other special rights, privileges, restrictions or obligations, whether in regard to
dividend, voting, transfer, forced sale, conversion, winding-up entitlement or otherwise as
the Directors think fit. This Sub-Article is without prejudice to other provisions of these
Articles restricting the variation of rights attached to shares already in issue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights attached to any class of shares may (unless otherwise provided by the terms of
issue of the shares of that class), whether or not the Company is being wound up, be varied or
abrogated with the sanction of a special resolution passed at a class meeting of the holders
of the shares of that class. The rights conferred upon the holders of the shares of any class
shall, unless otherwise expressly provided by the terms of issue of the shares of that class,
be deemed not to be varied by the creation or issue of further shares ranking equally with
them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ISSUE OF SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any directions of the Company in general meeting and subject to any special rights
of shares already issued, all shares in the Company for the time being unissued shall be under
the control of the Directors who may issue and dispose of the same (including the issue or
grant of options, warrants and other rights, renounceable or otherwise, in respect of shares)
at such times, to such persons, on such terms and in such manner as they think fit, provided
that no share shall be issued at a discount except in accordance with the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as expressly provided by its terms of issue, no share shall confer on the holder any
pre-emptive or other right in respect of any further shares that may be issued.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fractions of a share may be issued if the Directors think fit. The holder of a whole share
(or a fraction of a share), if fully paid-up, may divide it into fractions for the purpose of
a transfer, redemption or other disposition, provided that, without the prior approval of the
Directors, the holder may only create a fraction which can be expressed as a whole number of
hundredths of a whole share. Subject to the terms of issue of the fraction, or of the whole
share from which it was derived, a fraction of a share shall carry the corresponding fraction
of all the attributes of a whole share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, shares need not have distinguishing numbers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may pay or authorise payment of a commission to any person in consideration of
his subscribing or agreeing to subscribe (whether absolutely or conditionally) for any shares
in the Company, or procuring or agreeing to procure subscriptions (whether absolute or
conditional) for any shares in the Company, but a</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commission exceeding ten percent of the price at which the shares are issued, or to be
issued, shall not be paid without the sanction of an ordinary resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTER OF MEMBERS AND RECORD DATES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Register shall be kept in accordance with the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may keep one or more duplicates of the Register in such place or places as the
Directors think fit but in the event of a discrepancy the main Register shall prevail.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not be bound to register more than four persons as the joint holders of any
share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise expressly provided by these Articles or as required by law or as ordered
by a court of competent jurisdiction, no person shall be entitled to recognition by the
Company as holding any share upon any trust and the Company shall not be bound by, or be
compelled in any way to recognise, (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or any other right in respect of any share
except an absolute right to the entirety of the share in the holder. If, notwithstanding this
Article, notice of any trust is at the holder&#146;s request entered in the Register or on a share
certificate in respect of a share, then, except as aforesaid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such notice shall be deemed to be solely for the holder&#146;s convenience;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall not be required in any way to recognise any beneficiary, or
the beneficiary, of the trust as having an interest in the share or shares concerned;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall not be concerned with the trust in any way, as to the
identity or powers of the trustees, the validity, purposes or terms of the trust, the
question of whether anything done in relation to the shares may amount to a breach of
trust or otherwise; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder shall keep the Company fully indemnified against any liability or
expense which may be incurred or suffered as a direct or indirect consequence of the
Company entering notice of the trust in the Register or on a share certificate and
continuing to recognise the holder as having an absolute right to the entirety of the
share or shares concerned.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">6.05</TD>
    <TD width="3%">(i)</TD>
    <TD>To determine Members entitled to notice of or to vote at any meeting or any adjournment
of it, or to receive payment of any dividend, or in order to determine Members for any other
purpose, the Directors may close the Register for a stated period not exceeding in any case
fourteen (14)&nbsp;consecutive days. If the Register is closed to determine the members entitled
to notice of or to vote at a meeting, then it must be closed for at least ten (10)&nbsp;days
immediately before that meeting, and the first day of the closure will be the record date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Instead of closing the Register, the Directors may fix a date as the record
date for</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any determination of members, the date in any case to be not more than ninety (90)
days before the date on which the particular action, requiring the determination of
members, is to be taken.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors do not close the Registrar or fix any record date for
determining the members entitled to receive notice of or to vote at any meeting or to
receive a dividend, the date on which notice of the meeting is mailed or, in the case
only of an interim dividend or distribution declared or effected by the Directors, the
date on which the resolution declaring the dividend or effecting the distribution is
passed will be record date for determining the members. When a determination of
persons entitled to vote at any meeting has been made under this Article, that
determination will apply to any adjournment of it.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SHARE CERTIFICATES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share certificates shall be in such form as the Directors determine provided that a share
certificate shall specify the name of the holder and the number and class of shares to which
it relates and the amount paid up thereon. Share certificates may not be issued in bearer
form.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share certificates shall be issued under the Seal affixed in accordance with these Articles
provided that the Directors may authorise share certificates to be issued with the Seal or the
authorised signature(s) affixed or represented by printing or other mechanical process.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every person whose name is entered as a member in the Register shall be entitled on request
to one certificate for all his shares of each class or, upon payment of a fee not exceeding
ten Cayman Islands dollars per additional certificate, to several certificates, each
representing a part of his holding. A member whose holding of shares has been reduced by
transfer, redemption or otherwise shall be entitled on request to a certificate for the
balance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of joint holders the Company shall not be bound to issue more than one share
certificate; and delivery of the certificate to one of the holders shall be sufficient
delivery to all the holders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A member wishing to exercise his rights, if any, to transfer or redeem shares in accordance
with these Articles may do so only upon surrendering to the Company the share certificate(s),
if any, representing such shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a share certificate is damaged or defaced or alleged to have been lost, stolen or
destroyed, a new certificate representing the same shares may be issued to the holder upon
request subject to delivery up of the old certificate or, if alleged to have been lost, stolen
or destroyed, compliance with such conditions as to evidence and indemnity and the payment of
expenses of the Company in connection with the request (including the investigation of
evidence) as the Directors think fit.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TRANSFER OF SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfers of shares shall be in writing in any usual or common form in use in the Cayman
Islands or in any other form approved by the Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A share transfer shall be signed by or on behalf of the transferor and, in the case of partly
paid shares, by the transferee also.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The transferor of a share shall be deemed to remain the holder of the share until the name of
the transferee is entered into the Register in respect thereof</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of a transfer of shares issued subject to special restrictions or requirements as
to transfer the Directors may, as a condition of approval or registration, require the
transferor to reimburse the Company for all expenses incurred in connection with the transfer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registration of transfers shall be suspended during any period in which the Register is
closed in accordance with these Articles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TRANSMISSION OF SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following the death of a member the survivor or survivors where the deceased was a joint
holder, and the legal personal representatives of the deceased where he was a sole holder,
shall be the only persons recognised by the Company as having any title to the shares
previously held by the deceased, but nothing in this Article shall release the estate of the
deceased from any liability in respect of shares which had been held by him, whether solely or
jointly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person becoming entitled to a share by reason of the death or bankruptcy of the holder or
otherwise by operation of law may upon producing such evidence of his title as the Directors
may require, elect either to be registered himself as the holder of the share or to make such
transfer of the share as the holder could have made. An election pursuant to this Sub-Article
to be registered as holder shall be made in writing signed by or on behalf of the person
making the election.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person entitled to make an election pursuant to the foregoing Sub-Article shall, pending
election, have the right to receive (and to give a good discharge for) all monies payable in
respect of the share, the same right (if any) as the holder to call for the redemption of the
share, and the same right as the holder to enter into an agreement for the purchase of the
share by the Company, but such person shall not be entitled to receive notice of, or attend or
vote at, general meetings or class meetings of the Company nor, save as aforesaid, to any of
the rights or privileges of a member; and the Directors may at any time give him notice
requiring election pursuant to the foregoing Sub-Article and, if there is no election within
ninety days of the notice, the Directors may thereafter withhold all monies payable in respect
of the share until such time as the election is made.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REDEMPTION OF SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company is hereby authorised to issue shares which are to be
redeemed or are liable to be redeemed at the option of the Company or the holder; but, save
for shares declared to be redeemable by the Memorandum of Association, the Directors shall not
issue redeemable shares without the sanction of an ordinary resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is hereby authorised to make payments in respect of the redemption of its shares
out of capital or out of any other account or fund which can be authorised for this purpose in
accordance with the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless fixed by the ordinary resolution sanctioning its issue the redemption price of a
redeemable share, or the method of calculation thereof, shall be fixed by the Directors at or
before the time of issue;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise provided or directed by the ordinary resolution sanctioning the issue of
the shares concerned:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>every share certificate representing a redeemable share shall indicate that the
share is redeemable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of shares redeemable at the option of the holder a redemption
notice from the holder may not be revoked without the agreement of the Directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the time or in the circumstances specified for redemption the redeemed
shares shall be cancelled and shall cease to confer on the holder any right or
privilege, without prejudice to the right to receive the redemption price, which price
shall become payable so soon as it can with due dispatch be calculated, but subject to
surrender of the relevant share certificate for cancellation (and reissue in respect of
any balance);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the redemption price may be paid in any manner authorised by these Articles for
the payment of dividends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a delay in payment of the redemption price shall not affect the redemption but,
in the case of a delay of more than thirty days, interest shall be paid for the period
from the due date until actual payment at a rate which the Directors, after due
enquiry, estimate to be representative of the rates being offered by class A banks in
the Cayman Islands for thirty day deposits in the same currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Directors may exercise as they think fit the powers conferred on the
Company by Section&nbsp;37(5) of the Statute (payment out of capital) but only if and to the
extent that the redemption could not otherwise be made (or not without making a fresh
issue of shares for this purpose);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject as aforesaid, the Directors may determine as they think fit all
questions</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 7 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that may arise concerning the manner in which the redemption of the shares shall or
maybe effected.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No share may be redeemed unless it is fully paid-up.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PURCHASE OF SHARES BY THE COMPANY</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, and with the sanction of an ordinary resolution authorising the
manner and terms of purchase, the Directors may on behalf of the Company purchase any share of
the Company (including a redeemable share) by agreement with the holder or pursuant to the
terms of issue of the share, and may make payments in respect of such purchase out of capital
or out of any other account or fund which can be authorised for this purpose in accordance
with the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased by the Company shall be noted in the Company&#146;s register as cancelled and
shall cease to confer any right or privilege on the seller.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No share may be purchased by the Company unless it is fully-paid-up.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CALLS ON SHARES AND FORFEITURE</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a share has been issued partly paid (or nil paid), then, subject to the terms of issue,
the Directors may from time to time make calls upon the holder in respect of the monies unpaid
on the share, whether in respect of the nominal value or the premium (if any), and, subject as
aforesaid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder shall be given written notice of the call;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date for payment of the call shall be not less than thirty days after the
date of the notice of call;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of the call shall be made at the Registered Office or such other place
as shall be specified in the notice of call;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a call may be made payable by instalments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a call maybe revoked or postponed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Directors may differentiate between holders of different shares as to the
time or amount of calls;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if full payment pursuant to a call is not made on or before the due date,
interest may in the Directors&#146; discretion be charged at a rate not exceeding ten
percent per annum;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if payment pursuant to a call is not made on or before the due date, the
Directors may, in addition to interest under the foregoing paragraph, require the
holder to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 8 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indemnify the Company for any expenses incurred by reason of non-payment, including
expenses incurred in enforcing the Company&#146;s rights under these Articles;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the joint holders of a share shall be jointly and severally liable for all
calls (and interest and other monies due in respect of calls) on the share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a holder may not require the Company to make a call on his shares or, in the
absence of a call, pay up any amount unpaid on his shares, but the Directors may accept
advances from the holder to be applied against future calls on such terms as to
interest and repayment as the Directors may determine.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any sum which by the terms of issue of a share becomes payable upon issue or at any fixed
date, whether in respect of the nominal value of the share or by way of premium, shall for the
purposes of these Articles be deemed to have been duly called and to be immediately payable
and, in the event of non-payment, all the provisions of these Articles as to the payment of
interest, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a
call duly made and notified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If full payment pursuant to a call is not made on or before the due date, the Directors may
at any time thereafter give the holder a forfeiture notice stating the amount which remains
unpaid (including any accrued interest and expenses owed to the Company by reason of
non-payment) and appointing the day, not less than fourteen days after the date of the
forfeiture notice, on which the shares shall be forfeited unless payment of the stated amount
has by then been paid in full. If the stated amount has not by then been paid in full the
shares shall be forfeited accordingly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of forfeiture the holder shall cease to be a member in respect of the forfeited
shares and shall cease to have any right, title or interest in or to the shares but shall
remain liable for all amounts due before forfeiture; and the Company may enforce such
liability without making any allowance for the value of the shares at the time of forfeiture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A forfeited share shall become the property of the Company and may be sold, re-allotted or
otherwise disposed of for the benefit of the Company to such person or persons, upon such
terms and in such manner as the Directors think fit. Without limiting the foregoing
generality, the Directors may determine whether and to what extent the share shall be treated
as paid-up by payments made, or credited as made, thereon prior to forfeiture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time before the sale, re-allotment or other disposal of a forfeited share the
Directors may cancel the forfeiture on such terms as they think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A note in the Register or a certificate under the hand of the Secretary that a share has
been forfeited at a stated time shall be conclusive evidence of those facts in favour of any
person to whom the share is sold, re-allotted or disposed of, and his title to the share shall
not be affected by any irregularity or invalidity in the proceedings in reference to the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 9 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forfeiture, sale, re-allotment or disposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LIEN ON SHARES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have a first and paramount lien and charge on all shares, whether or not
fully paid-up, for all the debts and obligations of the holder (or, in the case of joint
holders, of any one or more of the joint holders) but the Directors may at any time waive the
lien generally or as regards any particular debt or obligation or category of debts or
obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registration of a transfer of shares shall operate as a waiver of the Company&#146;s lien
thereon in respect of the debts or obligations of the transferor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s lien on a share shall extend to all dividends and other monies and benefits
payable in respect of the share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may sell any share on which the Company has a lien if an amount secured by the
lien is presently payable but not until the expiration of fourteen days after written notice
to the holder stating and demanding payment of the said amount and stating the Directors&#146;
intention of effecting a sale.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A sale by the Company pursuant to the foregoing Sub-Article shall be effected in such manner
as the Directors think fit; and the Directors may authorise some person to do and execute such
transfers and other documents and things on behalf of the holder as may appear to the
Directors necessary or desirable for the purpose of carrying out the sale and entering the
purchaser or purchasers in the Register.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proceeds of a sale by the Company pursuant to this Article shall be applied in payment
of the amount secured by the lien which is presently payable and the balance, if any, shall be
paid to the person who was the holder of the shares before the sale unless there are debts or
obligations of that person, not presently payable, which were secured by the lien on the
shares, in which case the Company shall have the same lien and charge on the said balance of
the proceeds of sale as it had on the shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ALTERATION OF CAPITAL</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">14.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may from time to time by ordinary resolution alter the
conditions of its Memorandum of Association to increase its share capital by new shares of
such amount as it thinks expedient. All new shares shall be subject to the provisions of
these Articles concerning calls, forfeiture, lien, transfer, transmission, disposal by the
Directors and otherwise as the original shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">14.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may from time to time by ordinary resolution alter the
conditions of its Memorandum of Association to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consolidate and divide all or any of its share capital into shares of larger
amount than its existing shares;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 10 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subdivide its shares or any of them into shares of an amount smaller than that
fixed by the Memorandum of Association; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cancel shares which at the date of the passing of the resolution have not been
taken or agreed to be taken by any person, and diminish the amount of its share capital
by the amount of the shares so cancelled or, in the case of shares without par value,
diminish the number of shares into which its capital is divided.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">14.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may from time to time by special resolution reduce its
share capital in any way or alter any conditions of its Memorandum of Association relating to
share capital.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ALTERATION OF REGISTERED OFFICE, NAME AND OBJECTS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">15.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may by resolution of its Directors change the location
of its Registered Office.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">15.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may from time to time by special resolution change its
name or alter its objects or make any other alteration to its Memorandum of Association for
which provision has not been made elsewhere in these Articles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GENERAL MEETINGS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">16.01</TD>
    <TD width="3%">(a)</TD>
    <TD>The Company shall in each year hold a general meeting as its Annual General Meeting.
The time and place of Annual General Meetings shall be determined by the Directors and, if no
other time and place is prescribed by them, it shall be held at the registered office on the
second Wednesday in December of each year at ten o&#146;clock in the morning.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At these meetings the Directors shall be elected as provided for in these
Articles, the annual report of the Directors shall be presented and the general
business of the Company transacted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">16.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General meetings other than Annual General Meetings shall be called Extraordinary General
Meetings. The Directors may call or authorise the calling of an Extraordinary General Meeting
whenever they think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REQUISITION OF GENERAL MEETINGS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">17.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall call an Extraordinary General Meeting on the requisition of members
holding at the date of the requisition not less than fifty-one per cent of the issued shares
of the Company for the time being carrying the right to vote at general meetings of the
Company. To be effective the requisition shall state the objects of the meeting, shall be in
writing, signed by the requisitionists, and shall be deposited at the Registered Office. The
requisition may consist of several documents in like form each signed by one or more
requisitionists.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">17.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors do not within twenty-one days from the date of the requisition duly</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>proceed to call an Extraordinary General Meeting, the requisitionists may themselves convene
an Extraordinary General Meeting; but any meeting so called shall not be held more than
ninety days after the requisition. An Extraordinary General Meeting called by
requisitionists shall be called in the same manner, as nearly as possible, as that in which
general meetings are to be called by the Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICE OF GENERAL MEETINGS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">18.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least five clear days notice in writing shall be given of a general meeting to all
members entitled as at the record date for the notice provided that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Extraordinary General Meeting may be called by shorter notice (but not
shorter than two clear days) if so agreed by a member or members (or their proxies or
representatives) holding in the aggregate, as at the record date for the meeting,
shares conferring the right to cast seventy-five percent of the votes that could be
cast on a poll if all members so entitled attended the meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Annual General Meeting or an Extraordinary General Meeting may be held
without notice and without observing any of the requirements or provisions of these
Articles concerning general meetings if so agreed by all the members (or their proxies
or representatives) entitled as at the date of the meeting to attend and vote at
general meetings;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and agreement for the purposes of the foregoing paragraphs (a)&nbsp;or (b)&nbsp;may be reached before,
during or within thirty days after the meeting concerned.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">18.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The notice of a general meeting shall specify:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place, the day and the hour of the meeting and, if different, the record
date for determining members entitled to attend and vote; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the general nature of any special business to be conducted at the meeting; and
for this purpose all business shall be deemed special which is transacted at an
Extraordinary General Meeting, and also all business that is transacted at an Annual
General Meeting with the exception of the consideration and approval of the report of
the Directors, the financial statements of the Company and the report of the Auditors
(if any), the election or re-election of the Directors and the election or re-election
of the Auditors and approval of their remuneration.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">18.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors and the Auditors, if any, shall be entitled to receive notice of, and to
attend and speak at, any general meeting of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">18.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The accidental omission to give notice to, or the non-receipt of notice by, any person
entitled to receive notice shall not invalidate the proceedings at any general meeting.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 12 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PROCEEDINGS AT GENERAL MEETINGS</B></TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No business shall be transacted at any general meeting unless a quorum of members is present
at the time when the meeting proceeds to business; a quorum shall be such members present in
person or by proxy as represent one-third of the issued shares of the Company carrying the
right to vote at the meeting calculated in accordance with Article&nbsp;6.05.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If within half an hour from the time appointed for a meeting a quorum is not present, the
meeting, if convened upon the requisition of members, shall be dissolved and in any other case
it shall stand adjourned to the same day in the next week at the same time and place or to
such other time or such other place as the Directors may determine and, if at the adjourned
meeting a quorum is not present within half an hour from the time appointed for the meeting,
the member or members present shall be a quorum.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chairman, if any, of the board of Directors shall preside as chairman at every general
meeting of the Company; or, if there is no such chairman or if he shall not be present at the
time appointed for the meeting, or if he is unwilling to act, the Directors present shall
elect one of their number to be chairman of the meeting; or, if no Directors are present at
the time appointed for the meeting or no Director is willing to act as chairman, then the
members present shall choose one of their number to be chairman of the meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chairman may, with the consent of any general meeting duly constituted, and shall if so
directed by the meeting, adjourn the meeting from time to time and from place to place, but no
business shall be transacted at any adjourned meeting except business which might lawfully
have been transacted at the meeting from which the adjournment took place. When a meeting is
adjourned for thirty days or more, notice of the adjourned meeting shall be given as in the
case of an original meeting, save as aforesaid it shall not be necessary to give any notice of
an adjournment or of the business to be transacted at an adjourned general meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any general meeting a resolution put to the vote of the meeting shall be decided on a
show of hands unless before or on the declaration of the result of the show of hands a poll is
demanded by the chairman or any member entitled to vote, present in person or by proxy.
Unless a poll is so demanded, a declaration by the chairman that a resolution has on a show of
hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry
to that effect in the book containing the minutes of the proceedings of the Company shall be
conclusive evidence of the fact without proof of the number or proportion of the votes
recorded in favour of or against such resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any votes are counted which ought not to have been counted, or which might have been
rejected, the error shall not vitiate the resolution unless pointed out at the same meeting,
or at any adjournment thereof, and not in that case unless in the opinion of the chairman
(whose decision shall be final and conclusive) it is of sufficient magnitude to vitiate the
resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a poll is duly demanded, it shall be taken in such manner as the chairman directs.
Without limiting the foregoing generality, the chairman may direct the use of ballot or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voting papers, may appoint scrutineers and, subject to the next Sub-Article, may adjourn the
meeting to some other time or place for the purpose of conducting the poll or declaring its
result. The result of the poll shall be deemed to be the resolution of the meeting at which
the poll was demanded.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A poll demanded on the election of a chairman and a poll demanded on a question of
adjournment shall be taken forthwith. In any other case the poll shall be taken not more than
thirty days after the date of the meeting or adjourned meeting at which the poll was demanded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.09</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The demand for a poll shall not prevent the continuance of a meeting for the transaction of
any business other than the question on which the poll has been demanded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The demand for a poll may be withdrawn at any time before the taking of the poll, but in
that case the chairman or any other member entitled to vote may then demand a poll.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">19.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of an equality of votes, whether on a show of hands or on a poll, the chairman
of the meeting at which the show of hands takes place or at which the poll is demanded shall
be entitled to a second or casting vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>VOTES OF MEMBERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any special rights or restrictions for the time being attached to any shares or
any class of shares, every member as at the record date who is present in person or by proxy
shall have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on a show of hands one vote; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on a poll one vote for each whole share (and a corresponding fraction of a vote
for every fraction of a share) registered in his name in the Register as at the record
date, provided that a partly paid share shall confer a fraction of a vote according to
the proportion borne by the amount paid-up on the share to the total issue price
(including share premium, if any).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of joint holders the vote of the senior who tenders a vote, whether in person or
by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for
this purpose seniority shall be determined by the order in which the names of the holders
stand in the Register.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A member shall not be entitled to attend or vote at general meetings if and as long as any
call or other sum in respect of shares is presently payable by him.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to production of such evidence as the Directors may require, a member of unsound
mind, or in respect of whom an order has been made by any court in the Cayman Islands or
elsewhere having jurisdiction in lunacy may vote on a show of hands or on a poll by his
committee, receiver, curator bonis, guardian or other person appointed by the court, and any
such committee, receiver, curator bonis, guardian or other person may vote
by proxy.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No objection shall be raised to the qualification of any voter except at the general meeting
at which the vote objected to is given or tendered or at any adjournment thereof, and every
vote not disallowed at such general meeting or adjournment shall be valid for all purposes.
Any such objection made in due time shall be referred to the chairman of the meeting whose
decision shall be final and conclusive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a poll a member entitled to more than one vote need not, if he votes, use all his votes
or cast all the votes he uses in the same way.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">20.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A corporation, whether formed in the Cayman Islands or elsewhere, which is a member may
authorise such person as it thinks fit to act as its representative at any general meeting of
the Company and the person so authorised shall be entitled to exercise the same voting and
other powers on behalf of the corporation which he represents as the corporation could
exercise if it were an individual member of the Company. A corporation whose representative
is present at a meeting shall itself be deemed to be present in person at the meeting and
shall be counted towards the quorum. Nothing in this Article shall be construed as preventing
a corporation from appointing a proxy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PROXIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of a proxy shall be by written instrument under the hand of the appointor or
his attorney duly authorised in writing or, if the appointor is a corporation, either under
the corporation&#146;s seal or under the hand of an officer or attorney duly authorised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proxy need not be a member of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The instrument appointing a proxy may be in any usual or common form or otherwise acceptable
to the chairman of the meeting for which the instrument is first presented.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The instrument appointing a proxy may contain restrictions or directions as to the manner in
which, or the matters upon which, the proxy may vote, but subject thereto the proxy may vote
on any matter in such manner as the proxy thinks fit and may exercise the same powers as his
appointor could exercise if present, including the power to demand a poll.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The instrument appointing a proxy may be expressed to be for a particular meeting or
particular meetings or to be effective generally until revoked. An appointment for a
particular meeting or meetings shall be presumed, in the absence of clear provision to the
contrary, to extend to any adjournment of such meeting or meetings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The instrument appointing a proxy (and any power of attorney or other authority under which
it is signed, or a notarially certified copy of such authority) shall be deposited at the
Registered Office or at such other place as is specified for that purpose in the notice of
meeting; and such deposit shall be made no later than the time for holding the meeting,
provided that the Directors may in giving notice of the meeting stipulate that instruments</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of proxy shall be deposited up to twenty-four hours before the time for holding the meeting.
Such deposit may be made by telecopier transmission, but may be disallowed at or before the
meeting by the Directors or the chairman of the meeting if in his or their opinion there are
material doubts as to authenticity or content. The chairman of the meeting may at his
discretion direct that the deposit of an instrument of proxy (or other requisite document)
shall be deemed to have been duly made, if satisfied that the instrument of proxy duly
signed (or other requisite document) is in the course of transmission to the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proxy shall have no powers, as such, at any meeting at which his appointor is present in
person or, being a corporation, by a duly authorised representative. If two or more proxies
are present at a meeting and in accordance with their terms of appointment seek to vote on the
same matter in respect of the same shares, the chairman shall in his absolute discretion
decide which vote to accept and which vote or votes to disallow, or he may disallow all such
votes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may at the expense of the Company send to the members instruments of proxy
(with or without prepaid postage for their return) for use at any general meeting, either in
blank or (but only if such instruments are sent to all members entitled to attend and vote)
nominating one or more Directors or other persons.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">21.09</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All resolutions passed at a general meeting shall, notwithstanding that it is afterwards
discovered that there was some defect in the appointment of a proxy or that the appointment
had been revoked or otherwise terminated prior to the meeting, be as valid as if every such
proxy had been and remained duly appointed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CIRCULAR RESOLUTIONS OF THE MEMBERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">22.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A resolution in writing, in one or more counterparts, signed by all the members for the time
being entitled to receive notice of and attend and vote at general meetings (or, being
corporations, by their duly authorised representatives) shall be as valid and effective as if
the same had been passed at a general meeting of the Company duly called and held, and shall
satisfy any requirement of these Articles for a resolution to be passed by the Company in
general meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CLASS MEETINGS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">23.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All the provisions of these Articles regulating Extraordinary General Meetings (as to call,
requisition, notice, proceedings, votes, proxies, circular resolutions and otherwise) apply
equally to class meetings save only that references to members shall be construed as
references to members holding shares of the relevant class.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPOINTMENT OF DIRECTORS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">24.01&nbsp;</TD>
    <TD width="2%">(a)&nbsp;</TD>
    <TD>There shall be a Board of Directors consisting of not less than one or more than fifteen
persons (exclusive of Alternate Directors) PROVIDED HOWEVER that the Company may from time to
time by special resolution increase or reduce the limits in the number of Directors.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors shall be divided into three groups designated Group I,
Group II and Group III (which at all times shall be as nearly equal in number as
possible);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial classification of the Directors into Group I, Group II and Group
III shall be for the Directors in their absolute discretion;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial term of office of the Group III Directors shall expire at the 1999
Annual General Meeting; the initial term of office of the Group II Directors shall
expire at the 2000 Annual General Meeting; the initial term of office of the Group I
Directors shall expire at the 2001 Annual General Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to initial classification and term of office as prescribed in this
Article, at each Annual General Meeting Directors elected to succeed Directors whose
terms expire shall be elected for a term of office to expire at the third succeeding
Annual General Meeting after their election.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There shall be no shareholding qualification for Directors unless prescribed by special
resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first Directors shall be appointed in writing by the subscribers of the Memorandum of
Association or a majority of them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time appoint any person to be a Director, either to fill a
casual vacancy or as an addition to the existing Directors, subject to any upper limit on the
number of Directors prescribed pursuant to this Article and subject to his designation as a
Group I, Group II or Group III Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may by special resolutions remove any Director before the expiration of his term
of office and may by ordinary resolution appoint another person in his stead; the person so
appointed shall be subject to retirement at the same time as if he had become a Director on
the day on which the Director in whose place he is appointed was last elected a Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">24.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to other provisions of these Articles for the retirement or removal of
Directors, the office of a Director shall be vacated:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he resigns as Director by notice to the Company in writing signed by him;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he dies, becomes bankrupt or makes any arrangement or composition with his
creditors generally; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he becomes of unsound mind or an order for his detention is made under the
Mental Health Law or any analogous law of a jurisdiction outside the Cayman Islands.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 17 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REMUNERATION OF DIRECTORS</B></TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">25.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The remuneration of the Directors shall be in such amount or at such rate, and upon such
terms as the Directors may from time to time determine. Special remuneration may be agreed
with or given to any Director who has undertaken, or is required to undertake, any special
work, service or mission beyond the ordinary routine work of a Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">25.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Alternate Director shall not be remunerated as such by the Company provided that he may,
if the Directors think fit, be remunerated for any special work, service or mission beyond the
ordinary routine work of a Director or Alternate Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TRANSACTIONS WITH DIRECTORS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may hold any other executive or non-executive office or place of profit in or
under the Company, other than the office of Auditor, on such terms as to tenure, remuneration,
indemnity and otherwise as the Directors may determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may act by himself or his firm in a professional capacity for the Company and
shall be entitled to the same remuneration, indemnity and other privileges as if he were not a
Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may be a member or director or hold any other executive or non-executive office
or place of profit in or under any company or association promoted by the Company or in which
the Company may be interested or associated, and may exercise and enjoy the rights, privileges
and benefits of any such position without being accountable in any way to the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No person shall be disqualified from the office of Director by, or be prevented by such
office from, contracting with the Company, either as vendor, purchaser or otherwise, nor shall
any such contract (or any other contract or arrangement entered into by or on behalf of the
Company in which a Director shall be in any way interested) be liable to be avoided, nor shall
any Director be liable to account to the Company for any profit realised by any such contract
or arrangement; but the nature of his interest shall be disclosed by him at the meeting of the
Directors at which the question of entering into the contract or arrangement is first taken
into consideration or, if the Director was not at that time interested in the proposed
contract or arrangement, then at the next meeting of the Directors held after he becomes so
interested.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may vote in respect of any contract, arrangement or other matter which may be
proposed, notwithstanding that he has an interest therein provided that the nature of his
interest shall have been disclosed to the Directors prior to the Directors&#146; resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the avoidance of doubt it is declared that a Director shall be regarded as having an
interest in any matter in which he has a duty conflicting with his duty to the Company, and
also in any proposal to ratify a contract or transaction entered into by him in the name or on
behalf of the Company prior to its registration.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A general notice that a Director is a shareholder, director or officer of, or otherwise
interested in, a specified company or association and is to be regarded as interested in any
transaction with such company or association shall be a sufficient disclosure for the purposes
of this Article and thereafter it shall not be necessary to give any further notice relating
to a particular transaction with that company or association.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may from time to time by special resolution impose and vary rules more or less
restrictive of Directors having conflicting interests.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">26.09</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of this Article concerning Directors apply equally to Alternate Directors.
For the purposes of this Article an interest of a Director shall be deemed to be an interest
of his Alternate Director, and vice versa.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ALTERNATE DIRECTORS AND PROXIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may at any time appoint any person (including another Director) to be his
Alternate Director and may at any time terminate such appointment. An appointment and a
termination of appointment shall be by notice in writing signed by the Director and deposited
at the Registered Office or delivered at a meeting of the Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of an Alternate Director shall determine on the happening of any event
which, if he were a Director, would cause him to vacate such office or if his appointor ceases
for any reason to be a Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Alternate Director shall be entitled to receive notices of meetings of the Directors and
shall be entitled to attend and vote as a Director at any such meeting at which his appointor
is not personally present and generally at such meeting to perform all the functions of his
appointor as a Director; and for the purposes of the proceedings at such meeting these
Articles shall apply as if he (instead of his appointor) were a Director, save that he may not
himself appoint an Alternate Director or a proxy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Alternate Director is himself a Director or attends a meeting of the Directors as the
Alternate Director of more than one Director, his voting rights shall be cumulative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Directors determine otherwise, an Alternate Director may also represent his
appointor at meetings of any committee of the Directors on which his appointor serves; and the
provisions of this Article shall apply equally to such committee meetings as to meetings of
the Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If so authorised by express provision in his notice of appointment, an Alternate Director
may join in a circular resolution of the Directors adopted pursuant to these Articles and his
signature of such resolution shall be as effective as the signature of his appointor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as provided in these Articles an Alternate Director shall not, as such, have any power
to act as a Director or to represent his appointor and shall not be deemed to be a Director
for the purposes of these Articles.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">27.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director who is not present at a meeting of the Directors, and whose Alternate Director
(if any) is not present at the meeting, may be represented at the meeting by a proxy duly
appointed, in which event the presence and vote of the proxy shall be deemed to be that of the
Director. All the provisions of these Articles regulating the appointment of proxies by
members shall apply equally to the appointment of proxies by Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PROCEEDINGS OF DIRECTORS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A meeting of the Directors for the time being at which a quorum is present shall be
competent to exercise all or any of the powers and discretion by or under these Articles for
the time being vested in or exercisable by the Directors generally.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided by these Articles, the Directors shall meet together for the
dispatch of business, convening, adjourning and otherwise regulating their meetings as they
think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director may, and on the request of a Director the Secretary shall, at any time summon a
meeting of the Directors. Notice thereof shall be given to each Director and Alternate
Director in writing or by telephone or orally. Not less than five clear days notice shall be
given save that all the Directors (or their Alternate Directors) may waive notice of the
meeting at, before or after the meeting is held.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A meeting of the Directors may be held, and any Director may participate in a meeting, by
means of a conference telephone or similar communications equipment by means of which all
persons participating in the meeting are capable of hearing each other; and such participation
shall be deemed to constitute presence in person at the meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The quorum necessary for the transaction of business at a meeting of the Directors may be
fixed by the Directors and, unless so fixed at any other number, shall be at least half the
number of persons comprising the Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the avoidance of doubt it is declared that an Alternate Director shall not be entitled
to attend or vote at a meeting of the Directors or be counted towards the quorum if his
appointor be present; and the proxy of a Director shall not be so entitled or counted if
either the appointing Director or his Alternate Director be present.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may at any time elect a chairman and, if they think fit, a deputy chairman and
may determine the period for which they respectively are to hold office. Subject to any such
determination, the Directors may at any time remove a chairman or deputy chairman from office.
A chairman or deputy chairman shall automatically cease to hold office if for any reason he
ceases to hold office as a Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Questions arising at a meeting of the Directors shall be decided by a majority of the votes
cast. In the case of an equality of votes, the chairman shall have a second or casting vote.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.09</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The continuing Directors may act notwithstanding any vacancy in their body but, if and so
long as their number is reduced below the number fixed by or pursuant to these Articles as the
minimum number of Directors or as the necessary quorum for meetings of Directors, the
continuing Directors may act for the purpose of increasing the number of Directors to the
requisite number, or of summoning a general meeting of the Company, but for no other purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All resolutions passed and other acts done by any meeting of the Directors or of a committee
of Directors shall, notwithstanding that it is afterwards discovered that there was some
defect in the appointment of any Director, Alternate Director or proxy, or that they or any of
them were disqualified or had otherwise ceased to hold office, be as valid as if every such
person had been duly appointed and qualified and continued to hold the office or position of
Director, Alternate Director or proxy, as the case may be. This Article shall apply equally
to a case in which there was no appointment as to the case in which there was a defective
appointment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director who is present at a meeting of the Directors at which action on any matter is
taken shall be presumed to have assented to the action unless his dissent shall be entered in
the minutes of the meeting or he shall file his written dissent with the person acting as the
secretary of the meeting before the adjournment thereof or shall send his written dissent to
the Registered Office immediately after the meeting, provided that this right of dissent shall
not apply in the case of a Director who voted in favour of the action.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">28.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A resolution in writing, in one or more counterparts, signed by all the Directors shall be
as valid and effectual as if it had been passed at a meeting of the Directors duly called and
held.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MINUTES AND REGISTERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">29.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with the Statute the Directors shall cause minutes to be kept of all
resolutions and proceedings of members, whether at general meetings, class meetings or
otherwise, and of Directors or managers (if any), or committees of Directors (if any), whether
at meetings or otherwise. Such minutes shall be kept in writing at the Registered Office or
at such other location as the Directors may determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">29.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The minutes of a meeting, whether of the members or the Directors or a committee of the
Directors, when signed by the person acting as the chairman of the meeting or by the person
acting as the chairman of the next following meeting, shall until the contrary be proved be
accepted as conclusive evidence of the matters stated in the minutes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">29.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall cause to be kept at the Registered Office the register of Directors and
officers and the register of mortgages and charges required by the Statute. Alternate
Directors shall be entered in the register of Directors and officers.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWERS OF DIRECTORS</B></TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">30.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The business of the Company shall be managed by the Directors, who may exercise all such
powers of the Company as are not by the Statute or these Articles required to be exercised by
the Company in general meeting, subject nevertheless to any regulations, not inconsistent with
the Statute or these Articles, prescribed by the Company in general meeting. No such
regulations made by the Company in general meeting may invalidate any prior act of the
Directors. This Sub-Article is without prejudice to the provisions of these Articles
permitting delegation by the Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">30.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding that the Statute or the Memorandum of Association may permit the Company to
pursue objects or exercise powers which are charitable or benevolent or otherwise independent
of the financial interests of the Company itself, the Directors shall not without the sanction
of a special resolution pursue any such objects or exercise any such powers, provided that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Sub-Article does not apply to the declaration or payment of dividends, the
redemption or purchase of shares or the conferring of other benefits upon members in
accordance with these Articles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors on behalf of the Company may pay or procure the payment of
gratuities, pensions and other benefits to persons who are or were officers or
employees of the Company or any associated company, or widows or other dependants of
such persons, whether or not the Company has any legal obligation to do so;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may establish, maintain and fund a scholarship programme for the
education and advancement of persons meeting such qualifications as the Directors may
determine;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Sub-Article does not apply to an action which, though it may in itself be
gratuitous, is considered by the Directors to be in the financial interests of the
Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if there is any reasonable doubt as to whether an action is prohibited by this
Sub-Article, the Directors&#146; decision, if made in good faith, shall be conclusive.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">30.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may exercise all the powers of the Company to borrow money and to mortgage or
charge its undertaking, property and uncalled capital or any part thereof by way of fixed
charge, floating charge or other form of encumbrance, and to issue debentures, debenture stock
and other securities whether outright or as security for any debt, liability or obligation of
the Company or of any third party. In the case of a charge over the uncalled capital of the
Company or any part of it, the Directors may delegate to the charge holder (or any person
acting as his trustee or appointed by him) the power to make calls on members in respect of
such uncalled capital and to sue in the name of the Company or otherwise for the recovery of
monies becoming due in respect of calls and to give valid receipts for such monies; and such
powers shall be assignable if expressed to be so.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">30.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments
and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or
otherwise executed in such manner as the Directors may from time to time determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SECRETARY</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">31.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Secretary shall, and one or more assistant secretaries may, be appointed by the
Directors for such terms, at such remuneration and upon such conditions as the Directors think
fit. Notwithstanding the terms or conditions of appointment, the Secretary and any assistant
secretary may at any time be removed from office by the Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">31.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any contrary term or condition of his appointment, an assistant secretary may
exercise or perform any task or power conferred upon the Secretary by the Statute, by these
Articles or by resolution of the Directors, but shall comply with any proper direction which
may be given by the Secretary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">31.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A provision of the Statute or of these Articles requiring or authorising anything to be done
by or to a Director and the Secretary shall not be satisfied by its being done by or to the
same person acting both as Director and as or in place of the Secretary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>COMMITTEES, OFFICERS, ATTORNEYS AND MANAGERS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may delegate any of their powers and discretion to committees consisting of
such of their number as the Directors think fit and may at any time revoke any such delegation
or discharge any such committee either wholly or in part. Every committee so formed shall in
the exercise of the powers and discretions delegated to it conform to any regulations that may
from time to time be imposed upon it by the Directors. All acts done by any such committee in
conformity with such regulations and in fulfillment of the purposes for which it is appointed,
but not otherwise, shall have the like force and effect as if done by the Directors. Subject
to any regulations made by the Directors for this purpose, the meetings and proceedings of
such committees shall be governed by the provisions of these Articles concerning the meetings
and proceedings of the Directors, including provisions for circular resolutions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may on behalf of the Company appoint from their own number or otherwise such
officers to perform such duties, to exercise such powers and discretions and upon such terms
as the Directors think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may on behalf of the Company by power of attorney under the Seal appoint any
person or persons, whether nominated directly or indirectly by the Directors, to be the
attorney or attorneys of the Company for such purposes and with such powers and discretion
(not exceeding those vested in or exercisable by the Directors) and for such period and
subject to such conditions as the Directors may think fit; and any such attorney, if so
authorised, may execute deeds and instruments on behalf of the Company</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under his own hand and seal which shall bind the Company and have the same effect as if
under the Seal of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may on behalf of the Company appoint such managers, custodians and agents with
such duties, powers, and discretions and upon such terms as the Directors think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">32.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any delegation by the Directors pursuant to this Article may be on terms permitting
sub-delegation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEAL</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">33.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Seal shall only be used by the authority of the Directors or of a committee of the
Directors authorised by the Directors in that behalf; and, until otherwise determined by the
Directors, the Seal shall be affixed in the presence of a Director or the Secretary or an
assistant secretary or some other person authorised for this purpose by the Directors or the
committee of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">33.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing Sub-Article the Seal may without further authority be affixed
by way of authentication to any document required to be filed with the Registrar of Companies
in the Cayman Islands, and may be so affixed by any Director, Secretary or assistant secretary
of the Company or any other person or institution having authority to file the document as
aforesaid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">33.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may have one or more duplicate Seals, as permitted by the Statute; and, if the
Directors think fit, a duplicate Seal may bear on its face the name of the country, territory,
district or place where it is to be used.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DIVIDENDS AND RESERVES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to these Articles and subject to any direction of the Company in general meeting,
the Directors may on behalf of the Company declare and pay dividends (including interim
dividends) at such times and in such amounts as they think fit. For the avoidance of doubt it
is declared that, subject as aforesaid, the Directors may, if it appears to them fair and
equitable to do so, fix as the record date for a dividend a date prior to the declaration of
the dividend.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends may be declared and paid out of the profits of the Company, realised or
unrealised, or from any reserve set aside from profits which the Directors determine is no
longer needed, or not in the same amount. With the sanction of an ordinary resolution
dividends may also be declared and paid out of share premium account or any other fund or
account which can be authorised for this purpose in accordance with the Statute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may before declaring a dividend set aside such sums as they think fit as a
reserve or reserves for any proper purpose. Pending application, such sums may be employed in
the business of the Company or invested, and need not be kept separate from</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other assets of the Company. The Directors may also, without placing the same to reserve,
carry forward any profit which they decide not to distribute.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to these Articles and subject to any special dividend rights or restrictions for the
time being attached to any shares or class of shares, if a dividend is declared:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>every share shall confer on the holder as at the record date the right to
participate in the dividend;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividend shall be declared and paid according to the amounts (other than
share premium) paid up on shares as at the record date or, if the Company is an
exempted company and its shares have no par value, then on an equal per share basis;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.05</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may deduct from any dividend all sums of money presently payable by the holder
to the Company, whether in respect of shares or otherwise; and the Directors may retain any
dividend on shares over which the Company has a lien for any obligation presently due.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.06</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any dividend or other monies payable in respect of shares may be paid by cheque or warrant
sent through the post directed to the registered address of the holder or, in the case of
joint holders, the holder who is first named in the Register in respect of the shares; but
this Sub-Article is without prejudice to any other method of payment which the Directors may
think appropriate and, in the case of joint holders, payment to any one or more of them shall
be a good discharge to the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.07</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No dividend shall bear interest against the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.08</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the sanction of an ordinary resolution of the Company (or, as regards a dividend
payable in respect of a class of shares, an ordinary resolution passed at a class meeting),
the Directors may determine that a dividend shall be paid wholly or partly by the distribution
of specific assets (which may consist of the shares or securities of any other company) and
may settle all questions concerning such distribution. Without limiting the foregoing
generality the Directors may fix the value of such specific assets, may determine that cash
payments shall be made to some members in lieu of specific assets and may vest any such
specific assets in trustees on such terms as the Directors think fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">34.09</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the sanction of an ordinary resolution of the Company (or, as regards a dividend
payable in respect of a class of shares, an ordinary resolution passed at a class-meeting),
the Directors may determine that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the persons entitled to participate in the dividend shall have a right of
election to accept shares of the Company credited as fully paid in satisfaction of all
or (if the Directors so specify or permit) part of their dividend entitlement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a dividend shall be satisfied in whole or specified part by an issue of shares
of the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company credited as fully paid up, subject to a right of election on the part of
persons entitled to participate in the dividend to receive their dividend
entitlement wholly or (if the Directors so permit) partly in cash;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">&nbsp;</TD>
    <TD COLSPAN="2">and in either event the Directors may determine all questions that arise concerning the
right of election, notification thereof to members, the basis and terms of issue of shares
of the Company and otherwise.</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">34.10</TD>
    <TD width="4%">&nbsp;(a)</TD>
    <TD>The Directors shall have the power to cease sending dividend warrants, if such warrants
have been returned undelivered or left uncashed, provided that such power shall not be
exercised until either such warrants have been so returned or left uncashed on two consecutive
occasions or, following one such occasion, reasonable enquiries have failed to establish any
new address of the holder;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any dividend that has remained unclaimed for twelve years from the date when it
became due for payment shall, if the Directors so resolve, be forfeited and cease to
remain owing by the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall have the power to sell the shares (which shall include the power
for the Company to purchase such shares) of any holder who is untraceable, provided
that such power shall not be exercisable unless:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during a period of not less than 12&nbsp;years three dividends in
respect of the shares in question have become payable and no dividend during
that period has been claimed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on or after the expiry of such period the Company has given
notice by such method as the Directors shall deem fit of its intention to sell
the shares within the time frame stated therein, and no response is received,
save that the Directors in their absolute discretion may dispense with such
notice,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and, in the event of such a sale, the Directors shall authorise any one or more Directors or
Officers of the Company to sign the transfer on behalf of any such untraceable holder
notwithstanding it being unaccompanied by the certificate for the shares to which it relates
and shall cause the name of name of the purchaser(s) of such share to be entered in the
Register. The net proceeds of sale of any shares shall be held upon trust by the Company,
or by such successor trustee as shall be appointed by the Directors, for the holder or his
estate upon such terms, including the remuneration of any such trustee, as the Directors, or
a liquidator if one is appointed, shall deem fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">35.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SHARE PREMIUM ACCOUNT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">35.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any direction from the Company in general meeting, the Directors may on behalf of
the Company exercise all the powers and options conferred on the Company by the Statute in
regard to the Company&#146;s share premium account, save that unless expressly</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 26 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorised by other provisions of these Articles the sanction of an ordinary resolution
shall be required for any application of the share premium account in paying dividends to
members.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">36.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CAPITALISATION ISSUES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">36.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the sanction of an ordinary resolution of the Company the Directors may on behalf of
the Company appropriate any sum standing to the credit of the share premium account or capital
redemption reserve or any sum of profits available for dividend purposes (or credited to any
reserve set aside from profits which the Directors determine is no longer needed, or not in
the same amount) to members in the proportions in which such sum would have been divisible
amongst them if distributed by way of dividend, and to apply such sum on their behalf in
paying up in full unissued shares to be issued to the members in the said proportions. The
Directors may determine all questions that arise concerning a capitalisation issue including
the basis and terms of issue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">37.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BOOKS OF ACCOUNT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">37.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall cause proper books of account to be kept with respect to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all sums of money received or expended by the Company and the matters in
respect of which the receipt or expenditure takes place;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all sales and purchases of goods by the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the assets and liabilities of the Company;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and proper books of account shall not be deemed to be kept with respect to the matters
aforesaid if there are not kept such books as are necessary to give a true and fair view of
the state of the Company&#146;s affairs and to explain its transactions. Such books shall be
kept at such place or places as the Directors determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">37.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall from time to time determine whether and to what extent and at what times
and places and under what conditions or regulations the accounts and books of the Company or
any of them shall be open to the inspection of members not being Directors; and no member (not
being a Director) shall have any right of inspecting any account or book or document of the
Company except as authorised by the Directors or by the Company in general meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">37.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any waiver by the Company in general meeting of the requirements of this
Sub-Article, the Directors shall lay before the Company in general meeting, or circulate to
members, financial statements in respect of each financial year of the Company, consisting of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a profit and loss account giving a true and fair view of the profit or loss of
the Company for the financial year; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a balance sheet giving a true and fair view of the state of affairs of the
Company at the end of the financial year;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>together with a report of the Directors reviewing the business of the Company during the
financial year. The financial statements and the Directors&#146; report, together with the
auditor&#146;s report, if any, shall be laid before the Company in general meeting, or circulated
to members, no later than 180&nbsp;days after the end of the financial year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">37.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The financial year of the Company shall run from the anniversary of the Company&#146;s
registration (or, in the case of the first financial year, the date of registration) to the
day preceding the next such anniversary but, subject to any direction of the Company in
general meeting, the Directors may from time to time prescribe some other period to be the
financial year, provided that the Directors may not without the sanction of an ordinary
resolution prescribe or allow any financial year longer than eighteen months.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">38.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AUDIT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">38.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Audit Committee, if any, of the Board of Directors of the Company shall have the sole
authority to appoint or replace the Company&#146;s Auditors. The Audit Committee shall be directly
responsible for the compensation and oversight of the work of the Auditors for the purpose of
preparing or issuing an audit report or related work. The Auditors shall report directly to
the Audit Committee. If there is no Audit Committee at any time, its duties under this
Article shall be performed by the Board. Nothing in this Article shall be construed as making
it obligatory to appoint Auditors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">38.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Auditors shall make a report to the members on the accounts examined by them and on
every set of financial statements laid before the Company in general meeting, or circulated to
members, pursuant to this Article during the Auditors&#146; tenure of office.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">38.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Auditors shall have right of access at all times to the Company&#146;s books, accounts and
vouchers and shall be entitled to require from the Company&#146;s Directors and officers such
information and explanations as the Auditors think necessary for the performance of the
Auditors&#146; duties; and, if the Auditors fail to obtain all the information and explanations
which, to the best of their knowledge and belief, are necessary for the purposes of their
audit, they shall state that fact in their report to the members.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">38.04</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Auditors shall be entitled to attend any general meeting at which any financial
statements which have been examined or reported on by them are to be laid before the Company
and to make any statement or explanation they may desire with respect to the financial
statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">39.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WINDING-UP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">39.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the winding-up of the Company, subject to any special rights or restrictions for the time
being attached to any shares or any class of shares, the assets available for</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribution amongst the members as such shall be distributed according to the amounts
(other than share premium) paid up on shares held by them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">39.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the winding-up of the Company the Liquidator may, with the sanction of a special
resolution, determine that any winding-up distribution shall be made in whole or part by the
distribution of specific assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">40.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INDEMNITY</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">40.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors and officers of the Company and any trustee for the time being acting in
relation to any of the affairs of the Company and every former director, officer, or trustee
and their respective heirs, executors, administrators and personal representatives (each of
such persons being referred to in this Article as &#147;indemnified party&#148;) shall be indemnified
out of the assets of the Company from and against all actions, proceedings, costs, charges,
losses, damages and expenses which they or any of them shall or may incur or sustain by reason
of any act done or omitted in or about the execution of their duties in their respective
offices or trusts, except any which an indemnified party shall incur or sustain by or through
his own willful neglect or default; no indemnified party shall be answerable for the acts,
omissions, neglects or defaults of any other Director, officer, or trustee, or for joining in
any receipt for the sake of conformity, or for the solvency or honesty of any banker or other
persons with whom any moneys or effects belonging to the Company may be lodged or deposited
for safe custody, or for any insufficiency of any security upon which any monies of the
Company may be invested, or for any other loss or damage due to any such cause as aforesaid or
which may happen in or about the execution of his office or trust unless the same shall happen
through the willful neglect or default of such indemnified party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">41.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">41.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as otherwise expressly provided in these Articles, notices by the Company pursuant to
these Articles shall be in writing and may be given personally or by sending the notice by
post, telex, telecopy or any other method of written communication; and, subject as aforesaid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when sent by post the notice shall be deemed given sixty hours (or one hundred
and twenty hours, if overseas) after posting the notice, postage pre-paid, properly
addressed (by airmail, if overseas);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a notice sent by telex or telecopy shall be deemed given immediately upon
dispatch properly addressed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other case (other than delivery in person) the notice shall be deemed
given at such time as the Directors estimate the notice should reach the addressee in
the ordinary course.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">41.02</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A notice to a member may be addressed to him at his address shown in the Register. In</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 29 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the case of joint holders of a share, notice may be given to the holder first named in the
Register in respect of the share, but notice to any of the joint holders shall be deemed
notice to all.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">41.03</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notice may be given by the Company to the person or persons whom the Company has been
advised are entitled to a share or shares in consequence of the death or bankruptcy of a
member or otherwise by operation of law, addressed to them by name, or by the title of
representatives of the deceased, or trustee of the bankrupt, or by any like description at the
address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if
the death, bankruptcy or other event had not occurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">42.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ALTERATION OF ARTICLES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">42.01</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statute, the Company may from time to time by special resolution alter or
amend these Articles in whole or in part.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 30 - <!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>g03508exv4w4.htm
<DESCRIPTION>EX-4.4 AMENDMENT DATED AUGUST 8, 2005 TO OPTION DEED
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.4 Amendment dated August 8, 2005 to Option De</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>DEED OF AMENDMENT OF OPTION DEED</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS DEED </B>is made the 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 2005
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>BETWEEN:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>CONSOLIDATED WATER CO. LTD. </B>(formerly CAYMAN
WATER COMPANY LIMITED), a Cayman Islands
company having its registered office at
Regatta Office Park, Windward Three, Fourth
Floor, P.O. Box 1114 GT, Grand Cayman, Cayman
Islands (the &#147;Company&#148;)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>AND:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>AMERICAN STOCK TRANSFER &#038; TRUST COMPANY </B>of 40
Wall Street, New York, New York 10005, United
States of America (the &#147;Option Agent&#148;)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>RECITALS</B></U><B>:-</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By an Option Deed dated as of August&nbsp;6, 1997 (the &#147;Option Deed&#148;) the Directors of the Company
granted to the holders of its Ordinary and Redeemable Preference Shares at any time before the
Distribution Date options to subscribe for one one-hundredth of a Class&nbsp;B Share for each
Ordinary or Redeemable Preference Share held (as that number may afterwards be adjusted
pursuant to Section 11(b) of the Option Deed) on the terms set out in the Option Deed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Section&nbsp;26 of the Option Deed the Company and the Option Agent are empowered on the
Company&#146;s direction to amend the Option Deed before the Distribution Date without the approval
of the holders of the certificates representing Ordinary Shares and Redeemable Performance
Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Distribution Date has not yet occurred.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THIS DEED WITNESSES as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Deed:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalized words not otherwise defined in it have the meanings assigned to
them in the Option Deed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>references to Sections and paragraphs are references to Sections and paragraphs
of the Option Deed;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and the Option Agent AMEND the Option Deed as follows:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the expression &#147;US$37.50&#148; where it appears in:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;7, paragraph (b); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;B; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first paragraph of Exhibit&nbsp;C</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and substituting therefor in each case the expression &#147;US$100.00&#148;; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the sixth paragraph of Exhibit&nbsp;C and substituting therefor the
following:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;For example, at an exercise price of US$100.00 per Option, each Option not owned by
an Acquiring Person (or by certain related parties) following an event set out in
the preceding paragraph would entitle its holder to purchase US$100.00 worth of
Ordinary Shares (or other consideration, as noted above) for US$100.00. Assuming
that the Ordinary Shares had a per share value of US$100.00 at such time, the holder
of each valid Option would be entitled to purchase 10 Ordinary Shares for
US$100.00.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In all other respects the Company and the Option Agent confirm the Option Deed.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF</B>, the parties have caused this Deed to be duly executed and delivered as such as
of the day and year first above written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>EXECUTED </B>as a deed and delivered on</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CONSOLIDATED WATER CO. LTD.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">behalf of <B>CONSOLIDATED WATER CO.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LTD. </B>by Raymond Whittaker, Director in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of:-
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brent Santha, Company Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br>
&nbsp;&nbsp;&nbsp;/s/ Brent Santha
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;/s/ Raymond Whittaker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B>EXECUTED </B>as a deed and delivered on</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AMERICAN STOCK TRANSFER &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">behalf of <B>AMERICAN STOCK</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TRUST COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TRANSFER &#038; TRUST COMPANY </B>by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Herbert J. Lemmer, Vice-President in the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">presence of:-
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;/s/ Herbert Lemmer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vice-President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>6
<FILENAME>g03508exv4w5.htm
<DESCRIPTION>EX-4.5 AMENDMENT DATED SEPTEMBER 27, 2005 TO OPTION DEED
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.5 Amendment dated September 27, 2005 to Optio</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.5
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SECOND DEED OF AMENDMENT OF OPTION DEED</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS DEED </B>is made the 27th day of September, 2005.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>BETWEEN:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>CONSOLIDATED WATER CO. LTD. </B>(formerly CAYMAN
WATER COMPANY LIMITED), a Cayman Islands company
having its registered office at Regatta Office
Park, Windward Three, Fourth Floor, P.O. Box
1114 GT, Grand Cayman B.W.I. (the &#147;Company&#148;)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>AND:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>AMERICAN STOCK TRANSFER &#038; TRUST COMPANY </B>of 40
Wall Street, New York, New York 10005, United
States of America (the &#147;Option Agent&#148;)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>RECITALS</B></U><B>:-</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By an Option Deed dated as of August&nbsp;6, 1997 (the &#147;Option Deed&#148;) the Directors of the Company
granted to the holders of its Ordinary and Redeemable Preference Shares at any time before the
Distribution Date options to subscribe for one one-hundredth of a Class&nbsp;B Share for each
Ordinary or Redeemable Preference Share held (as that number may afterwards be adjusted
pursuant to Section 11(b) of the Option Deed) on the terms set out in the Option Deed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By a Deed of Amendment of Option Deed dated the 8<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>day of August&nbsp;2005 (&#147;the First
Amendment Deed&#148;), the Company and the Option Agent amended the Option Deed as stated therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On 17th August&nbsp;2005, the Company&#146;s Memorandum of Association was altered by subdividing all
its Ordinary and Redeemable Preference Shares, issued and unissued, and including the Class&nbsp;B
Shares, from a par value of CI$1.00 to a par value of CI$0.50 each;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company wishes to further amend the Option Deed to reflect the subdivision of its shares,
to correct a clerical error in paragraph 2(ii) of the First Amendment Deed and to restate the
amendments made by the First Amendment Deed and this Deed into this Deed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Section&nbsp;26 of the Option Deed the Company and the Option Agent are empowered on the
Company&#146;s direction to amend the Option Deed before the Distribution Date without the approval
of the holders of the certificates representing Ordinary Shares and Redeemable Performance
Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Distribution Date has not yet occurred.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THIS DEED WITNESSES as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Deed:-</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalized words not otherwise defined in it have the meanings assigned to
them in the Option Deed; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>references to Sections and paragraphs are references to Sections and paragraphs
of the Option Deed;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and the Option Agent REVERSE the amendments made by the First Amendment Deed and
now RE-AMEND the Option Deed as follows: -</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the expression &#147;US$37.50&#148; where it appears in:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;7, paragraph (b); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;B; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first paragraph of Exhibit&nbsp;C</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and substituting therefor in each case the expression &#147;US$50.00&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the expression &#147;CI$1.00&#148; wherever it appears and substituting the
expression &#147;CI$0.50&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the sixth paragraph of Exhibit&nbsp;C and substituting therefor the
following:-</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;For example, at an exercise price of US$50.00 per Option, each Option not owned by
an Acquiring Person (or by certain related parties) following an event set out in
the preceding paragraph would entitle its holder to purchase US$100.00 worth of
Ordinary Shares (or other consideration, as noted above) for US$50.00. Assuming
that the Ordinary Shares had a per share value of US$20.00 at such time, the holder
of each valid Option would be entitled to purchase 5 Ordinary Shares for US$50.00.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In all other respects the Company and the Option Agent confirm the Option Deed.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF, </B>the parties have caused this Deed to be duly executed and delivered as such as
of the clay and year first above written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>EXECUTED </B>as a deed and delivered on</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CONSOLIDATED WATER CO. LTD.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">behalf of <B>CONSOLIDATED WATER CO.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LTD. </B>by Frederick McTaggart, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:-
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brent Santha
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br>
&nbsp;&nbsp;&nbsp;/s/ Brent Santha
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp; /s/ Frederick McTaggart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>EXECUTED </B>as a deed and delivered on</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AMERICAN STOCK TRANSFER &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">behalf of <B>AMERICAN STOCK</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TRUST COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TRANSFER &#038; TRUST COMPANY </B>by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, Vice-President in
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">the presence of:-
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;/s/ Herbert J. Lemmer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vice-President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Witness
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>g03508exv5w1.htm
<DESCRIPTION>EX-5.1 OPINION OF MYERS & ABERGA
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1 Opinion of Myers & Aberga</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Myers &#038; Alberga<BR>
Attorneys-at-Law<BR>
Harbour Place, 2nd Floor, North Wing<BR>
103 South Church Street<BR>
P.O. Box 472<BR>
Grand Cayman KY1-1106<BR>
Cayman Islands B.W.I.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October
12, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consolidated Water Co. Ltd.<BR>
P.O. Box 1114<BR>
Grand Cayman, KY1-1102<BR>
Cayman Islands, B.W.I.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are furnishing this opinion in connection with the Registration Statement on Form F-3 (the
&#147;Registration Statement&#148;) of Consolidated Water Co. Ltd., a Cayman Islands company (the &#147;Company&#148;),
to be filed on or about the date of this opinion with the United States Securities and Exchange
Commission (the &#147;Commission&#148;) pursuant to the United States Securities Act of 1933, as amended (the
&#147;Act&#148;), relating to the proposed issue and sale by the Company of 1,725,000 ordinary shares of the
Company (the &#147;Shares&#148;), of which 225,000 ordinary shares may be sold pursuant to an over-allotment
option granted by the Company to the underwriters of the offering. We understand that the Shares
are to be offered and sold in the manner described in the prospectus included in, and forming part
of, the Registration Statement (the &#147;Prospectus&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as Cayman Islands counsel to the Company in connection with the proposed offering of
the Shares. In rendering this opinion, we have examined the following documents and instruments:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement (not including the exhibits filed or to be
filed therewith);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Amended and Restated Memorandum of Association;<BR></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Amended and Restated Articles of Association; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the resolutions adopted by the Board of Directors of the Company and
its committees in connection with the authorization, issue and sale of the
Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also consulted with officers and directors of the Company and have obtained such
representations with respect to matters of fact as we have deemed necessary or advisable for
purposes of rendering this opinion. We have not necessarily independently verified those factual
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">statements, or the veracity of those representations, but we have no reason to doubt their truth or
accuracy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the foregoing it is our opinion that when the Commission has declared the Registration
Statement to be effective, the provisions of all applicable United States Federal and State laws
have been complied with, and the Shares are issued and sold in accordance with the terms disclosed
in the Prospectus against full payment therefor, the Shares will be validly issued, fully paid and
non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above opinions are specifically limited to the currently applicable substantive laws of the
Cayman Islands as those laws relate to these opinions. We are admitted to practise law in the
Cayman Islands and have neither been admitted to, nor purport to be experts on the laws of, any
other jurisdiction relevant to the Company&#146;s proposed offering. This opinion is issued on the
basis that it will be construed in accordance with the provisions of the laws of the Cayman
Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to (i)&nbsp;the filing of this opinion as an exhibit to the Registration Statement,
(ii)&nbsp;the reference to this firm under &#147;Legal Matters&#148; in the Prospectus and (iii)&nbsp;the description
of our opinions as set forth in the Prospectus under &#147;Risk Factors &#151; Service of Process and
Enforcement of Legal Proceedings Against Us in the United States May Be Difficult to Obtain.&#148; In
giving such consent, we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the Act or the rules and regulations of the Commission thereunder.
This opinion is issued for the benefit of the Company in connection with the Registration Statement
and may only be relied upon by the Company and by persons entitled to rely upon it pursuant to the
applicable provisions of the United States federal securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very Truly Yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MYERS &#038; ALBERGA
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Per:
<U>/s/ Darryl Myers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darryl Myers
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>g03508exv23w1.htm
<DESCRIPTION>EX-23.1 OPINION OF RACHLIN COHEN & HOLTZ -- CONSOLIDATED WATER CO. LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.1 Opinion of Rachlin Cohen & Holtz -- Consol</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></U>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of
our reports dated March&nbsp;8, 2006 relating to the consolidated financial statements of Consolidated
Water Co. Ltd. as of December&nbsp;31, 2005 and for the year then ended and relating to managements&#146;
assessment of internal controls and the effectiveness of internal controls over financial reporting
as of December&nbsp;31, 2005. We also consent to all references to our firm appearing in such
Registration Statement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Rachlin Cohen &#038; Holtz LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ft. Lauderdale, Florida<BR>
October 12, 2006
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>9
<FILENAME>g03508exv23w2.htm
<DESCRIPTION>EX-23.2 OPINION OF RACHLIN COHEN & HOLTZ -- OCEAN CONVERSION (BVI) LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.2 Opinion of Rachlin Cohen & Holtz -- Ocean</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></U>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of
our report dated March&nbsp;8, 2006 relating to the consolidated financial statements of Ocean
Conversion (BVI)&nbsp;Ltd. as of December&nbsp;31, 2005 and for the year then ended.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Rachlin Cohen &#038; Holtz LLP
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ft. Lauderdale, Florida<BR>
October 12, 2006</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>10
<FILENAME>g03508exv23w3.htm
<DESCRIPTION>EX-23.3 CONSENT OF KPMG -- CONSOLIDATED WATER CO. LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.3 Consent of KPMG -- Consolidated Water Co.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Consent of Independent Registered Public Accounting Firm</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors<BR>
Consolidated Water Co. Ltd.:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the registration statement on Form F-3 of
Consolidated Water Co. Ltd. of our reports dated April&nbsp;15, 2005, with respect to the consolidated
balance sheets of Consolidated Water Co. Ltd. as of December&nbsp;31, 2004 and 2003, and the related
consolidated statements of income, stockholders&#146; equity, and cash flows, for the years then ended,
management&#146;s assessment of the effectiveness of internal control over financial reporting as of
December&nbsp;31, 2004 and the effectiveness of internal control over financial reporting as of December
31, 2004, which reports appear in the December&nbsp;31, 2005 Annual Report on Form 10-K of Consolidated
Water Co. Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our report dated April&nbsp;15, 2005, on management&#146;s assessment of the effectiveness of internal
control over financial reporting and the effectiveness of internal control over financial reporting
as of December&nbsp;31, 2004, expresses our opinion that Consolidated Water Co. Ltd. did not maintain
effective internal control over financial reporting as of December&nbsp;31, 2004 because of the effect
of a material weakness on the achievement of the objectives of the control criteria and contains an
explanatory paragraph that states:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2004, the Company&#146;s management, including the Certifying Officers, has concluded
that the Company had the following control deficiencies that when combined resulted in a material
weakness:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company failed to properly track fixed assets and accumulated depreciation,
including work-in-progress accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company does not have sufficient personnel resources with appropriate accounting
expertise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company did not properly track inventory and management did not sufficiently review
the physical count worksheets to the final inventory lists.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company did not sufficiently review the inter-company eliminations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company did not sufficiently document the system access controls around its
financial management information system.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ KPMG
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">George Town, Cayman Islands<BR>
October 12, 2006
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>11
<FILENAME>g03508exv23w4.htm
<DESCRIPTION>EX-23.4 CONSENT OF KPMG -- OCEAN CONVERSION (BVI) LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.4 Consent of KPMG -- Ocean Conversion (BVI)</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT ACCOUNTANTS</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the Registration Statement on Form F-3 of
Consolidated Water Co. Ltd. of our report dated April&nbsp;15, 2005 with respect to the balance sheets
of Ocean Conversion (BVI)&nbsp;Ltd. as of December&nbsp;31, 2004 and 2003, and the related consolidated
statements of income, stockholders&#146; equity, and cash flows, for the years then ended, which reports
are incorporated by reference in the December&nbsp;31, 2005 annual report on Form 10-K of Consolidated
Water Co. Ltd.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ KPMG
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Town, Cayman Islands<BR>
October 12, 2006</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g03508g0350800.gif
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
